Investor relations

Investing in our business

As a mutual, you might think that Royal London doesn’t have any investors – and whilst it’s true that we don’t have any shareholders, we do have external investors, who provide us with an important part of our capital base.

External investors support our business and enable us to meet the needs of our customers by investing in our ‘subordinated debt’.

We’re delighted to announce our interim results

Take a look at our performance for the first half of 2022 in more detail

Find out more

It’s a form of borrowing used by many financial institutions, and means that in the unlikely event of Royal London falling into liquidation, we would only have to pay the debt back after meeting our obligations to our policyholders. We also raise debt in order to support our general business and commercial activities.

The regulators allow this kind of debt to be treated as capital in meeting our regulatory solvency requirements, and Our Board reviews and approves our debt funding strategy while our Finance department maintains our debt programme.

Debt investors can read about our credit ratings and our debt issues below, and you'll also find some recent financial results too:

    Date Press Release Conference call* Investor presentation Annual report and accounts Regulatory returns
2022 Interim financial results 5 August 2022 View Listen View - -
2021 Interim financial results 5 August 2021 View Listen View - -
  Financial results 4 March 2022 View Listen View Download Download
2020 Interim financial results 10 August 2020 View Listen View - -
  Financial results 5 March 2021 View Listen View Download1 Download
2019 Interim financial results 12 August 2019 View - View - -
  Financial results 17 March 2020 View Listen View Download Download
2018 Interim financial results 16 August 2018 View Listen View - -
  Financial results  - View Listen View Download Download
2017 Interim financial results 17 August 2017 View Listen  View
  Financial results 29 March 2018 View Listen   - Download Download

*To download conference call audio, right-click and choose "Save link as..." or equivalent.

Subsequent to the approval of the financial statements, a minor factual inaccuracy was noted and updated to correct the amount of assets which back unit-linked and non-linked business on page 55.

Keeping up with Royal London

You can find the dates of our key financial events, such as our financial results and subordinated debt interest payments, on our financial calendar page.

If you would like more information about investor relations, please email us at

Credit ratings and financial strength assessment

Royal London has good financial strength and a stable outlook, meaning members and policyholders can be confident that they are dealing with a secure company. As a mutual we are able to take a long-term view of our business.

Global ratings agencies Standard and Poor’s (S&P), Moody’s and AKG Financial Analytics Ltd (AKG) have issued ratings on Royal London based on a number of factors, including our financial strength.

The Royal London Mutual Insurance Society Limited receives:

  • a counterparty credit rating (CCR) from Standard and Poor’s
  • an insurance financial strength rating (IFSR) from Moody’s, and
  • a financial strength rating from AKG.
Entity Standard & Poor's
(credit rating)
(credit rating)
(financial strength assessment)
Rating Outlook Report Rating Outlook Report Rating Outlook Report
The Royal London Mutual Insurance Society Ltd A Stable April 2022 A2 Stable July 2022 B+ Very Strong March 2022

Standard & Poor’s provides two types of rating: a counterparty credit rating (CCR) and a financial strength rating (FSR). A CCR is an opinion of a company’s overall financial capacity (its creditworthiness) to pay its general financial obligations. An FSR is an opinion of the financial security characteristics of an insurance company with respect to its ability to pay claims on its insurance policies and contracts in accordance with their terms. We have not approached Standard & Poor’s to provide an FSR as we believe that our CCR rating provides an appropriate explanation of our financial strength.

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Subordinated debt

We currently have debt investors following subordinated debt issues (called ‘Notes’) in 2005, 2013, 2015 and 2019. Most of these are institutional investors. By subordinated we mean that we will pay the claims of our members and policyholders before the claims of these debt investors.

Being a mutual organisation, Royal London cannot issue debt directly. Instead we have established wholly-owned special purpose vehicles (SPVs), guaranteed by The Royal London Mutual Insurance Society Limited. The proceeds of the Notes are on- lent to Royal London from the SPVs on the same interest, repayment and subordinated terms that apply to the Notes.

Issue Issuer Launch date Maturity Size Coupon Documentation ISIN

Perpetual Cumulative Step-up Subordinated Guaranteed Notes

RL Finance Bonds plc

14 December 2005







Fixed Rate Reset Callable Guaranteed Subordinated Notes

RL Finance Bonds No. 2 plc

27 November 2013





Trust Deed


Guaranteed Subordinated Notes due 2028

RL Finance Bonds No. 3 plc

4 November 2015

13 November 2028




Trust Deed


Fixed Rate Reset Callable Guaranteed Subordinated Notes due 2049

RL Finance Bonds No. 4 plc

7 October 2019

7 October 2049 





Issuer Articles of Association


Trust Deed


1. On 14 November 2013 RL Finance Bonds plc announced its invitation to holders of the Notes to tender all or any of the Notes for purchase by the Company for cash. This offer to existing holders of the Notes was made subject to the satisfaction of a ‘financing condition’ because Royal London wished to refinance the Notes with a new issuance of Solvency II-compliant Tier 2 capital. Royal London received tenders in respect of £153,923,000 in aggregate nominal amounts of the Notes.

The outstanding Perpetual Cumulative Step-up Subordinated Guaranteed Notes were redeemed in full on 15 December 2015 (i.e. the First Reset Date) at their principal amount together with accrued interest to 14 December 2015.

Current SPVs RL Finance Bonds No.2 plc and RL Finance Bonds No.3 plc are wholly owned by The Royal London Mutual Insurance Society Limited and have:

  • a subordinated debt rating from Standard and Poor’s, and
  • a subordinated debt rating from Moody’s.

The BBB+ rating is two notches below S&P’s counterparty credit rating on Royal London, reflecting S&P’s standard notching for subordinated debt issues.

The Baa1(hyb) rating is two notches below the A2 IFSR of Royal London, in line with Moody's standard notching practice for subordinated debt guaranteed by an insurance operating company.