The mutual, which employs around 1,800 people across offices in Glasgow and Edinburgh, reported an 18% rise in adjusted profit before tax to £327 million for the year ended 31 December 2025.

The strong performance has enabled Royal London to distribute £199m to eligible members through its “profitshare” scheme, up from £181m the previous year. The milestone means that more than £2 billion has now been shared with members since 2007, a figure the company describes as a tangible demonstration of mutuality in action.

Chief executive Barry O’Dwyer credited a combination of factors for the results, including the mutual’s entry into the bulk purchase annuity market in 2024, the continued strength of its pensions business, and a higher contribution from its protection division. He noted that the full first year of operating in the bulk purchase annuities market had proven particularly fruitful, with trustees and advisers drawn to the stability and long-term commitment that a mutual structure can offer.

Workplace pensions remain at the core of Royal London’s offering, with 2.2 million customers invested in its flagship Governed Range portfolios. The Governed Range attracted net inflows of £2.6bn over the year, with assets under management rising to £83bn from £72bn. Buoyed by that growth, the company has committed to investing £100m over the next three years to enhance its workplace pensions proposition.

Mr O’Dwyer also pointed to expanding demand from financial advisers for Royal London’s protection products, alongside the launch of a new stocks and shares ISA that, like its pensions range, qualifies for the profitshare scheme.