*The Irish arm of Britain’s largest mutual life and pensions group, Royal London, reported a 64 per cent jump in new business last year, largely driven by sales of its pension products, which more than doubled after it began offering personal retirement savings accounts (PRSAs).
In its recently published annual report, the group said operating profits at its Irish unit grew by 71 per cent to £17 million (€19.5 million) in 2025.
*New business sales in the Republic climbed by 64 per cent to £488 million, from £297 million in the previous year. The growth was led by its Irish pensions division, which more than doubled sales from £109 million in 2024 to £286 million.
Royal London said the sharp rise in sales reflected its first full year selling PRSAs to the Irish market after launching the product category in late 2024. The group said its regular premium PRSA was “already our most popular product” in the market.
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Royal London was the first big life and pensions firm to enter the PRSA market in around a decade.
PRSAs were established in 2002 as a type of flexible, long-term personal pension plan. The value of PRSA assets in the Republic climbed from €7.2 billion in 2019 to €18.3 billion in 2024 and reached €21.5 billion at the end of last September. The boom has been driven by Government and Pensions Authority efforts to encourage business owners to move away from single-member executive pension schemes.
Separately, Royal London said its sales of insurance products in Ireland increased by more than 7 per cent last year to £202 million. In 2025, Royal London Ireland paid out 99 per cent of claims, with a total value of £50 million.
Noel Freeley, chief executive of Royal London Ireland, said 2025 was “another successful year” for the firm, reflecting “the quality of our products and service across life and pensions”.
“Looking ahead in 2026, we remain dedicated to delivering the best service for customers and brokers and advocating the benefits of impartial financial advice,” he said.
The Irish subsidiary of British mutual Royal London launched its first personal retirement bonds and approved retirement funds, which allow individuals to manage their own pensions, in September 2022.
The Royal London Mutual Insurance Society Ltd is Britain’s biggest mutual life, pensions and investment company.
Royal London Ireland’s company heritage goes back almost 200 years to the Caledonian Insurance Company’s first office opening on Dublin’s Dame Street in 1824. It is now based on St Stephen’s Green.
*This article was edited on Tuesday, April 14th, 2026 to correct the figure for new business sales.
