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Royal London says first half operating profit up one percent

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Royal London says first half operating profit up one percent

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LONDON (Reuters) - Royal London, Britain's largest mutual life, pensions and investment company, on Thursday posted a 1 percent increase in operating profit, as demand for personal pensions helped offset a dip in group pension sales.

Operating profit on a European Embedded Value basis, which discounts future cashflows and is one of the main gauges of performance, was 187 million pounds, it said in a statement, up from 185 million pounds a year earlier.

(Reporting by Simon Jessop; editing by Dasha Afanasieva)

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