We recently announced our 2021 ProfitShare award to our members. And this year’s award means more than most, given the difficult economic conditions and challenges brought about by the coronavirus pandemic. We’re proud to have shared £146 million with qualifying customers giving their pension savings a boost during these challenging times.
It's important we strike the right balance between investing in our business, maintaining our robust financial position and the level of any ProfitShare award. We believe taking this approach helps advisers and their clients have confidence in us to make the right decisions.
Everything we do is for the long-term benefit of our customers and our business. In April 2017 we made our first ProfitShare award, and we’re delighted to have boosted customers’ savings every year since so we can now celebrate five years of ProfitShare.
Table note: ProfitShare awards each year from 2017 – 2021. Based on Royal London data.
Being a mutual organisation means Royal London is very different to other typical financial services companies. It brings a real sharp clarity of focus on who we are here to serve. We have no shareholders, we concentrate purely on the needs of our customers and members, and we try and design products and services that meet those needs.
Barry O’Dwyer, Group Chief Executive, Royal London
Today all financial organisations in the UK fall into two main groups – public limited companies (PLCs) and mutuals. Founded 1861, we are the UK’s largest mutual life, pensions and investment company.
We’re a different kind of financial services company because unlike our main competitors, we don't have shareholders. Instead, we're owned by our members. And as a purpose-driven modern mutual, we believe we can help our customers and wider society protect today and invest in tomorrow.
ProfitShare is just one of the ways we express our mutuality and we do it because we want our customers to feel the benefit of being with us.