Royal London’s assets under management (AUM) increased to £212bn as its workplace pensions new business sales surged in the first half of 2026, its interim financial results have revealed.

The mutual’s workplace pensions new business sales increased by 13 per cent in H1, with AUM rising from £38bn to £43.6bn over the period.

Over the first half of the year, Royal London added 112,000 new scheme members.

While its Governed Range, where most of the organisation’s pension customers are invested, saw net inflows fall from £1.6bn to £1.5bn in H1, its AUM rose from £83bn to £92bn.

Royal London’s operating profit also increased, up by 13 per cent to £187m, partly driven by higher contributions from its workplace pension offering.

However, its overall net inflows fell from £4.07bn in the first half of 2025 to £1.77bn in H1 2026, which the mutual attributed to being awarded a £4.6bn multi-asset mandate with St. James’s Place last year.

In the first half of 2026, Royal London completed nine bulk purchase annuity transactions across £457m of premiums.

"Our workplace pensions business continued to grow in the first half of 2026, as more customers chose to bring their pensions together with Royal London,” commented Royal London group chief executive officer, Barry O’Dwyer.

“We also launched our Targeted Support ISA service, making it easier for people to access the recommendations they need when making savings decisions.

"Our ongoing focus on delivering long-term value for customers helped to deliver a 13 per cent increase in operating profit, allowing us to continue investing in enhancing services for their benefit.

“Built on our strong relationships with advisers and employers, our strategy positions us well to deliver for customers now and into the future."

---