"So perhaps the market is competitive or maybe even more competitive. And most of the term products over this period have gone down in price, over this period, even considering Covid.
"So it sounds like a competitive market to me".
Strategic fit
A further speaker, Carrie Johnson, customer lifestage director with responsibility for protection at Royal London, spoke about the reasons why Royal London has made strategic acquisitions over the years, and what were the outcomes.
She told attendees: "There are costs in setting up a M&A deal, and you need to consider the positive profit profile in the protection business.
"Is the purchase going to improve customer outcomes? Is it going to be a good cultural fit? Is it going to be a financially sound decision?"
She said while scale improves financials, it also has to be good for customers.
Johnson said: "Scale really does help - it makes a difference now in the market if you have scale.
"It is also better to get bought by a protection provider who has the capability to support the integration.The financials have to be a lead driver - we still are here to make money at the end of the day - and the sustainability of those financials is vital.
"What you can see with the demand on providers for technology and service, is that you need to have the scale and financial returns that will enable you to put that investment in."
A panel session then followed, debating some of the themes brought up by the three keynote speakers.
