Royal London, the mutual insurer, said it pulled in £6 billion worth of new pensions business in 2015, as it profited from government reforms, but its chief executive Phil Loney has warned the Chancellor off further radicalism.

Royal London, which manages £84.5 billion, reported double-digit increases in all its life and pensions business lines in 2015, compared with the year before, according to its 2015 results published on February 10.