Royal London 360° has recorded an increase in new business of 32%* during the first nine months of 2011, compared to the same period last year.
The Isle of Man-based offshore life company wrote £308 million of new business between 1 January and 30 September, compared to £233 million in 2010.
Exceptional sales of the recently launched award-winning** international single premium investment bond, Oracle, its single premium portfolio bond, PIMS, and its regular premium savings product, Quantum, have helped to drive Royal London 360°’s positive new business figures. Distribution through UK offshore Wrap partnerships also remains strong.
The award-winning LifePlan Split Trust*** continues to prove very popular in the international protection market. This allows a UK domiciled LifePlan policyholder, who has selected both Critical Illness and Life Cover, to have access to their Critical Illness benefit whilst ensuring that the Life Cover does not fall into their taxable estate for UK Inheritance Tax (UK IHT) purposes.
In addition, significant recent investment in product development and back office infrastructure has been incredibly well-received by IFAs and has further contributed to the strong new business results.
David Kneeshaw, Chief Executive of Royal London 360°, commented: “I am delighted with our 32% increase in new business – it is extremely encouraging and shows that our investment coupled with the hard work of all of our staff is really beginning to pay off. We are looking forward to the challenge of continuing to increase new business and market share as we move into 2012 and beyond.”
* On a PVNVP basis – PVNBP figures are the present value of new business premiums. The PVNBP figures are calculated as new single premiums plus the expected present value of new regular premiums.
** Oracle was launched on 3 May 2011; it has recently won the ‘Best New Product – Middle East’ award at the International Adviser International Life Awards.
*** The LifePlan Split Trust was launched in June 2011; it recently won the ‘Best New Product – Asia’ award at the International Adviser International life Awards.
Category: Finance & Business