The half-year report from the life and pensions firm shows the figure is up £13bn from the end of the last financial year.

The company also posted a 13% increase in operating profit to sit at £187m, the first six months of the year boosted by increased contributions from the protection and workplace pensions packages.

Gross inflows stayed flat at £22.4bn, although there was a drop in net inflows from £4.1bn to £1.8bn.

Barry O’Dwyer, Group Chief Executive Officer, said: “As a customer-owned business, when we do well, our customers share in that success. In April, we distributed £199m to 2.4 million eligible customers, including new ISA customers, taking the total we’ve shared since 2007 to over £2bn – a clear demonstration of the value that mutuality can deliver.

“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. 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% increase in operating profits, allowing us to continue investing in enhancing services for their benefit.”

The group paid out £392m in settling 98% of customers’ protection claims, while it said the number of active users of its app sits at 573,000, a rise of around 30%.