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.

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.”