On December 31 last year, Royal London consolidated its legacy Royal Liver Sub Fund and Phoenix Life Assurance Sub-Fund into the Royal London Open with-profits funds, after approval from the High Court.
This followed the consolidation of three other closed with profits funds into the Royal London Open Fund last year.
O’Dwyer, added: “In 2022 we concluded our programme to simplify our business. As a direct result, Royal London has been able to increase the value of our long-standing customers’ policies by £675m in total through the consolidation of closed with-profits funds.
"We have also successfully modernised many elements of our business, introducing more efficient digital services for over 4mn customers whose policies have been moved onto enhanced systems."
simoney.kyriakou@ft.com
