Our results

Hitting the right note

We enjoyed a highly successful 2016 with record levels of sales and increased profits across our business.

Royal London also announced plans to share our profits with an additional 700,000 customers.

Drilling down to the detail

Download our strategic reports

Annual Report & Accounts 2016

Strategic Report with Supplementary Information 2016

Independent Governance Committee Report 2016

Archive reports

At a glance

The important charts that show a successful year

Our Performance

Find out about the progress we made in 2016

It was a good year for Royal London

We made excellent progress at Royal London in 2016, performing well despite the turbulent year in politics and markets. Sales of our life and pensions products grew rapidly, as did the value of funds that we manage.

Our recent track record of growth shows that our strategy is working. We are providing high-quality products and service and, as a result, our customers and their financial advisers are recommending us to others. Here are some key figures that members need to know:


Our EEV profit before tax, ProfitShare and change in basis for Solvency II (2015: £277m)


ProfitShare allocation for 2016 after tax (2015: £70m)


We are the largest life and pensions mutual in the UK, with £100bn funds under management (2015: £85bn)


The increase in our life and pensions new business on the previous year, calculated on the present value of new business premiums basis

About The board

Find out about the people who run your company


Find out about our remuneration policy

We try to be as open as possible about we how pay our directors because you own the company. We reward our people in a way that we believe will attract and retain the best talent to grow the company for you – our members. Although we’re a mutual and not bound by the same rules as companies that are listed on the stock exchange, we publish information in the same way as we believe it enhances members’ understanding.

The rewards received by our directors and non-executive directors are published each year in our annual report.

Directors' Summary Remuneration report


David Weymouth
Independent Non-Executive Director

Appointed: 01 July 2012

Skills, competencies and experience:

David’s 27-year career at Barclays, including five years as a member of the Group Executive Committee, gave him a wide experience and insight across Operations, Technology, Transformational Change and Risk Management in a global organisation. During seven years as a member of the Executive Committee at RSA Insurance, he extended his skills across another sector of Financial Services. He has, in addition, consulted to a number of blue chip and Government organisations and served as a non-executive director on several Boards both in the UK and overseas.

Committee memberships

Board Risk Committee (Chair), Nomination and Audit Committees.

External appointments

Chairman of Mizuho International Holdings plc, Chairman of One Savings Bank plc and non-executive director of Fidelity International Holdings (UK) plc.

Andrew Palmer
Independent Non-Executive Director

Appointed: 01 April 2011

Skills, competencies and experience:

Andrew was Group Finance Director of Legal & General Group plc, where he also held a number of financial and operational roles in the asset management, insurance and international businesses.

Committee memberships

Audit Committee (Chair), Board Risk and Nomination Committees.

Subsidiary Appointments

Royal London Asset Management Limited (Chair).

External appointments

Non-executive director of Direct Line Insurance Group, a trustee and honorary treasurer of Cancer Research UK. Member of Financial Reporting Review Panel of the Financial Reporting Council. Chairman of The Royal School of Needlework.

Tracey Graham
Independent Non-Executive Director

Appointed: 10 March 2013

Skills, competencies and experience:

Tracey was chief executive of Talaris Limited, an international cash management business, from 2005 to 2010 and led the management buyout of that business from De La Rue. Prior to that, she was president of Sequoia Voting Systems and customer services director at AXA, and held a number of senior positions at HSBC.

Committee memberships

Remuneration Committee (Chair), Board Risk and Nomination Committees.

Subsidiary Appointments

Investment Funds Direct Limited (Chair).

External appointments

Non-executive director of Link Scheme Limited, Ibstock plc and Acal plc.

Olivia Dickson
Independent Non-Executive Director

Appointed: 15 June 2017

Skills, competencies and experience:

Olivia held a number of roles as managing director with J.P. Morgan and was a senior adviser to the Financial Services Authority on a range of strategic projects. Previously, Olivia was a non-executive director of Canada Life, Virgin Money, Investec, Aon and the London International Financial Futures Exchange.

Committee memberships

Investment, Nomination and Remuneration Committees.

External appointments

Non-executive director of The Financial Reporting Council Limited where she chairs the Actuarial Council, non-executive adviser to Travers Smith and a member of the Government’s Advisory Group on Social Impact Investing.

Ian Dilks
Independent Non-Executive Director

Appointed: 14 November 2014

Skills, competencies and experience:

Ian spent his entire career at PricewaterhouseCoopers LLP, joining the firm (which was then Coopers & Lybrand) in 1974, becoming a partner in 1986. He rose to become a member of the global financial services leadership team and global insurance leader. From 2010 to 2013 he had responsibility for the public policy and regulatory affairs of the PwC global network.

Committee memberships

Investment (Chair), Nomination and Audit Committees.

External appointments

NHS Resolution (Chair) (formerly NHS Litigation Authority); Expert Adviser, House of Commons Treasury Committee.

Sally Bridgeland
Independent Non-Executive Director

Appointed: 14 January 2015

Skills, competencies and experience:

Sally spent 20 years at Aon Hewitt, followed by seven years as chief executive officer of the BP Pension Fund. Sally is a Fellow of the Institute of Actuaries and the Board benefits from her extensive knowledge of asset liability modelling, along with investment strategy design and implementation.

Committee memberships

With-Profits Committee (Chair), Investment, Nomination and Remuneration Committees.

External appointments

Independent trustee for Lloyds Banking Group Pension Trustee Limited, Nuclear Liabilities Fund Limited and NEST Corporation and a member of the Trust Investment Committee at innovation charity Nesta. Non-Executive Director of Impax Asset Management Group plc and Local Pensions Partnership Limited. Former Master of the Worshipful Company of Actuaries.

Jon Macdonald
Chief Risk Officer

Appointed: 14 December 2012

Skills, competencies and experience:

Jon joined the Group in November 2012 as Chief Risk Officer. He was previously group chief risk officer for RSA and Prudential and has held a number of senior risk and capital management roles at Prudential, PwC, Aviva Plc, Fox-Pitt Kelton, Swiss Re and Zurich and is a Fellow of the Institute of Actuaries.

Committee memberships

Disclosure, Independent Governance and Investment Committees.

Tim Harris
Group Deputy Chief Executive & Group Finance Director

Appointed: 19 May 2014

Skills, competencies and experience:

Tim joined Royal London as the Group Finance Director and in January his role changed to Deputy Group Chief Executive & Group Finance Director. Prior to joining Royal London, Tim was group chief finance officer for Torus Insurance and held a number of senior executive positions at Aviva Plc, most recently deputy group chief financial officer, and served on the boards of Aviva Ireland and Aviva France. He was also a partner in the Global Capital Markets practice at PricewaterhouseCoopers LLP (PwC). Tim is a Fellow of the Institute of Chartered Accountants (ICAEW) and a Chartered Insurance Practitioner, and serves on the Insurance Committee of the Financial Services faculty of the ICAEW.

Committee memberships

Disclosure, Investment and With-Profits Committees.

External appointments

ABI Prudential Regulation, Financial Reporting & Tax Committee (Chair) and ABI (Director). Tim is a member of the PRA Practitioners Committee

Phil Loney
Group Chief Executive

Appointed: 01 October 2011

Skills, competencies and experience:

Prior to joining the Group, Phil spent eight years working in the Insurance Division of Lloyds Banking Group, most recently as managing director of the Life, Pensions and Investments business. Before joining Lloyds Banking Group, Phil held senior leadership positions with AXA, Norwich Union, CGU and Lloyds Abbey Life among others. Phil’s experience has been across both long-term savings and general insurance.

Committee memberships

Disclosure Committee (Chair).

External appointments

Association of British Insurers (Senior Independent Director).

Rupert Pennant-Rea

Appointed: 13 December 2012

Skills, competencies and experience:

Rupert was appointed Chairman after the AGM in 2013. He has extensive financial services experience. He was chairman of Henderson Group for eight years and stepped down at its AGM in May 2013. He was deputy governor of the Bank of England from 1993 to 1995, prior to which he spent 16 years with The Economist, where he was editor from 1986 to 1993.

Committee memberships

Nomination Committee (Chair) and attends all other committees.

External appointments

Non-executive chairman of the Economist Group and PGI Group Limited, Independent National Director of Times Newspapers Holdings Limited.