Royal Liver, which employs more than 440 people in Liverpool, has said it expects to make good progress this year after releasing a solid set of full-year results.

Although gross investment has taken a hit because of the global credit crunch, the company has successfully cut its operating expenses to £81.5 million in 2007, compared with £127.1 million six years ago.

Chief executive Steve Burnett said that Royal Liver, which has assets under management worth £3.5 billion, has had an "excellent start" to the year and expects to make further progress over the coming months.

"These results reflect the ongoing benefits of our modernisation strategy which has created a stronger, more focused group," he commented.

"In addition, our new business areas continue to grow, with particular success in the protection market."

Royal Liver, one of Britain's leading financial mutual societies, recently introduced the Royal Liver Scholarship scheme in support of the Capital of Culture year.

The scholarship is supporting two students undertaking the first year of their respective degrees at The Liverpool Institute for Performing Arts.