Lloyds Banking Group’s insurance, pensions and investments business has reported an underlying profit of £245mn in the first half of the year.
That was a 70 per cent increase year-on-year for the group, which includes Scottish Widows. Assets under administration also increased 20 per cent to £303bn.
Chira Barua, chief executive of Scottish Widows, said: “We’re focused on helping more people engage with their finances, from bringing pensions together and building savings to exploring investing for the first time.
“Alongside continued growth in our workplace pensions and protection businesses, our AI agent is broadening access to guidance, improving understanding and helping build confidence to achieve better financial outcomes.”
The group said workplace pensions remained a significant driver of growth, with the Scottish Widows app helping to increase engagement.
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It said the app served more than 1mn users, representing 79 per cent year-on-year growth.
The group added that the launch of Scottish Widows’ AI agent had helped more customers understand their options and take their first steps as investors.
There were also record Isa subscriptions of £1.3bn across ready-made investments and stockbroking.
Barua added: “As customer needs continue to evolve, we’re well positioned to combine the scale of Lloyds Banking Group with leading pensions, wealth and insurance propositions.”
hereward.mills@ft.com