50% increase in new business
RL360° has written a 50% increase in new business for the first three months of 2011, compared to the same period in 2010.
We recorded new business worth £117 million between 1 January and 31 March 2011, an increase of £39 million on the total written between those dates last year.
In addition, RL360° has retained its ‘B+’ financial strength rating awarded by the specialist financial services consultancy firm, AKG – no other offshore life company is rated higher. The company has also been awarded an additional star in AKG’s overall annual review rating, giving it four out of a possible five.
Natalie Hall, Head of Marketing at RL360°, commented: “We have had an impressive start to 2011, with an outstanding first quarter performance that has resulted in a 50% increase in new business. Our regular premium savings product, Quantum, and our single premium personalised portfolio bond range have contributed to much of this success. However, our Wrap partnerships in the UK offshore market are continuing to produce strong returns.
“We expect the second quarter of 2011 and beyond to be buoyed by the recent launch of Oracle, an international single premium guided architecture investment bond – this is already proving to be very popular with IFAs and investors.
“I am delighted that our continuing hard work has resulted in us retaining our AKG ‘B+’ financial strength rating, and gaining another annual review star. This highlights that we are moving in the right direction as a company, and our staff should be proud of their achievements.”
RL360°’s parent, Royal London, saw a total increase in new life and pensions business* of 9%, to £841 million (£775 million, 2010). Royal London is the UK’s largest mutual life and pensions company; RL360° is the group’s international division.
Royal London has recently announced the appointment of Phil Loney as its new Chief Executive, following the news its current Chief Executive, Mike Yardley, is to step down. Mr Loney joins from his current role as Managing Director of Life, Pensions and Investments at Lloyds Banking Group, and will take up his new position in October 2011.
* Total new life and pensions business is calculated on a Present Value of New Business Premiums (PVNBP) basis, which is the value of new single premiums plus the expected present value of new regular premiums.