Shares of Royal surged 5.32% in pre-market trading on Wednesday, propelled by strong half-year results that showcased record assets under management and accelerating pension sales.

The company reported assets under management climbing to a new high of £212 billion, up from £199 billion, as resilient markets and a wave of pension transfers from savers seeking to avoid upcoming inheritance tax changes drove inflows. Chief Executive Barry O’Dwyer said the scramble to shield pensions from IHT shows “no sign of slowing down” and is expected to persist for years.

Operating profit rose 13% to £187 million, with pension new business sales up 5% to £4.7 billion, led by a 13% jump in workplace pension sales. The upbeat outlook and robust financial performance have fueled investor enthusiasm, sending the stock sharply higher in early trading.