Net new business at Royal London Asset Management, part of Royal London Group, tumbled 67 per cent last year to £379 million ($602 million), down from £1.133 billion in 2010.

On a more positive note, Royal London 360°, the company’s Isle of Man-based offshore division, reported a 21 per cent increase in net new business.

Ascentric, the wrap platform owned by the group, reported £1.309 billion in assets under administration, up 8 per cent from 2010.

The group’s component that delivered best results was Scottish Life, the pension firm, which boosted net new business by 48 per cent in 2011.

"2011 has been a very challenging year as austerity measures in the UK continue to bite and the economic backdrop remains difficult," said Phil Loney, chief executive of the group.