Royal London paid out over £751m in protection claims in 2024, supporting 65,385 families and businesses across the UK.
The insurer paid 98.7% of all claims, the first set of figures to partly include policies transferred from Aegon’s individual protection business on 1st July 2024.
Payouts included nearly £270m in term life and terminal illness claims, with average payments of almost £93,000 for life claims and £132,000 for terminal illness.
More than £180m was paid for critical illness, supporting 2,675 customers at an average of over £67,000 each.
Cancer was the most common reason for a claim, followed by heart attack and stroke.
Over £8m was paid in income protection claims to 1,259 customers unable to work.
Royal London also paid over £286m in whole of life claims, with an average payout of £5,000.
Claims were paid to customers of all ages, with the youngest aged 19. A quarter of claims were from customers under 45.
Craig Paterson, chief underwriter at Royal London, said: “Publishing our claims statistics shows how crucial it is to have a financial safety net for when the unexpected happens.
“Paying a claim is our moment of truth – and in 2024 we delivered on that promise, with a record-breaking year for claims paid to customers.
“While we have always had a strong track record in paying claims, we’re always looking to improve the claims experience for our customers, making it easier for them to claim and pay claims faster.”
Paterson added: “For instance, we’re now able to settle more life insurance claims without requiring medical evidence.”
