Royal London paid 99.1% of protection claims lodged in the first half of year, according to new results released today.
The mutual insurer paid out over £343m in claims, supporting over 39,000 customers.
It also welcomed 479 new workplace pension scheme employers and over 120,000 new workplace pension customers during this time.
In addition, its flagship Governed Range attracted net inflows of £1.7bn, with its assets under management reaching over £56bn.
Barry O’Dwyer, group chief executive, said: “In the first half of 2023 we delivered good growth in Workplace Pensions new business and our net inflows increased 25% to over £3.2bn.
“This growth, alongside our continued cost discipline, has helped to deliver a 16% increase in operating profit.
“As many of our customers continue to come to terms with the increased cost of living and higher interest rates, our priority has been to help them navigate these challenges, while building their long-term financial resilience.
“In April, we shared £155m in ProfitShare with over two million members, and the 120,000 new Workplace Pensions customers we have welcomed since the start of the year all became members and are eligible for future ProfitShare allocations.”
He added: “Our success in Workplace Pensions is driven by employers increasingly valuing the benefit as a key way of supporting their employees’ financial wellbeing.
“As a result, they are choosing to partner with digital-first providers with a strong sense of purpose.
“As more and more employers adopt this view, mutuals, like Royal London, will be a natural choice.
“Our mutual mindset of continually focusing on delivering positive enduring change for our customers and wider society ensures they, and employers and advisers, continue to place their trust in us.”
