Protection market 'very challenging' - Royal London

Combined present value of new business premiums (PVNBP) at the group's two protection providers was down 19% in the six months to the end of June to £170m (from £210m in the same period last year). Bright Grey's PVNBP figures fell 22% to £75m (from £96m in 2009), with Scottish Provident faring a little better, as that slipped 17% to £95m (£114m). "Bright Grey and Scottish Provident results reflect the continued difficult economic conditions for protection business with volumes a little down on H1 2009," the mutual says. "The protection market continues to be very challenging in the...