RL360° achieved 11% growth in new business in 2016, with sales in PVNBP* terms climbing to £797m.
This was up from 2015’s figure of £717m, fuelled by a strong regular premium (RP) performance. RP sales grew by 24%, from £236m in 2015 to £292 last year.
The results for 2016 also reveal Single Premium (SP) sales are up from £479m in 2015 to £505m, a 5% increase.
New business results were particularly strong in Asia, Latin America and the Middle East.
The 2016 results continue RL360°’s record of year on year growth, in the face of challenges across the market.
The RL360 Group built on its acquisition of CMI Insurance Company Ltd (CMI) in 2015 with the acquisition of wealth platform Ardan International on 29 December 2016.
One of the key achievements of 2016 was the launch of the RL360° tablet app, which allows applications for flagship regular premium savings product RL360° Quantum to be submitted instantly online. The paperless system saves time and money and provides a flexible and secure solution for both advisers. Over a third of all Quantum applications are now submitted online.
“It was another extremely successful year for RL360° as we continued to perform strongly in our key markets,” said RL360° Chief Executive David Kneeshaw.
“The industry is facing a lot of regulatory change in the coming months. We are confident that we are well placed to meet the challenges and opportunities that they will undoubtedly present.
“We view the changes positively and I believe both RL360° and the wider industry will emerge stronger as a result.”
• PVNBP = Present Value of New Business Premiums is calculated as total single premium sales received in the year plus the discounted value, at point of sale, of regular premiums expected to be received over the term of new contracts.
Photo - David Kneeshaw.