Broken down, the insurer paid out £326m in term life and terminal illness claims, with average payouts of £85,437 for life cover and £133,238 for terminal illness.
Critical illness claims amount to £198m for 2,959 customers, with an average payment of £67,000, representing an 89.3% payout rate. Cancer accounted for 64% of claims, followed by heart attack at 9% and stroke at 8%.
The value of income protection claims reached £9.6m, while whole-of-life claims came to £282m.
The figures reflected continued growth in Royal London’s protection business, including the first full year of claims following the transfer of Aegon’s individual protection portfolio. Term life claims increased by 32% and terminal illness claims by 17% year-on-year.
Craig Paterson, chief underwriter at Royal London, said: “We support customers at some of the most difficult moments in their lives, and that’s about far more than simply paying a claim; it’s about being clear, fair and compassionate every step of the way.
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“Our claims figures underline why protection matters. When the unexpected happens, having cover in place can make a real difference, and features like Free Cover help make sure customers are protected from day one, giving them confidence we’ll be there when it matters most.”
