Royal London, the UK mutual insurer, has announced record profits but its assets under management were unchanged year on year.

The member-owned group’s 2018 results were boosted by net inflows of £7.6bn, up 21% compared with the previous year, it reported on March 21. Profits before tax rose 20% to £396m — an “all-time high” for the group, Phil Loney, group chief executive, said.