Royal London has reported a rise in operating profits for the past six months.

The mutual life and pensions company has seen European Embedded Value (EEV) operating profit up 11% to £123 million, while IFRS operating profit was up 16% to £126 million.

Scottish Life new business was up 10% to £1.24 billion, while Royal London 360&deg new business was also up (37% to £209 million).

However, Bright Grey/Scottish Provident new business was down 17% at £141 million.

Mike Yardley, group chief executive of Royal London, said: “The Group has once again delivered a good set of financial results and is clearly financially robust. We have increased the operating profit