Royal London Asset Management (RLAM), the asset management arm of Royal London, has registered external gross inflows of £10.4bn during the year 2017, a surge of 55% compared to £6.7bn in the previous year.

The inflows came from both institutional clients such as pension schemes and wholesale clients such as wealth managers and IFAs, Royal London said.

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Funds under management totalled £114bn at the end of December 2017, up 14% from £100bn in 2016. The company attributed the rise to more stable market conditions.

Ascentric wrap platform’s assets under administration were £14.4bn as at 31 December 2017, up 17% from £12.3bn reported a year earlier. The business’ gross sales soared 22% year-on-year to £2.8bn.

Overall, the group’s European Embedded Value (EEV) operating profit before tax increased 17% to £329m from £282m the year ago.

Royal London group CEO Phil Loney said: “In a year full of political and economic uncertainty which impacted market volatility and consumer spending, we achieved a 17% increase in EEV operating profit before tax, largely due to strong sales growth across our businesses.

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“This growth reflects our well established strategy of continually improving the quality of products and service offered to our customers, demonstrating our customer-owned business model. As a member-owned business our customers are at the heart of everything we do.

“Royal London members and qualifying customers have received almost a billion pound boost to their policies since 2007 – three quarters of a billion coming from sharing our profits and the remainder from cumulative investment returns on these profits. This is a real demonstration of how we make a meaningful difference to our customers.”