RL360 has announced a 5% growth in new business in 2017, with Asia, Latin America and the Middle East helping to drive growth for the company.
The Isle of Man-Based international financial services specialist announced today that it sales in Present Value of New Business Premiums (PVNBP) terms has risen to £835m, up from 2016’s figure of £797m.
RL360 said that strong single premium sales that climbed from £505m in 2016 to £573m – a 13% increase and regular premium sales reduced by 10%, from £292m in 2016 to £262m last year.
New business results were particularly strong in Asia, Latin America and the Middle East – with each of these regions showing an overall growth in sales on the PVNBP* basis. Trust business results were also strong.
The 2017 results continue RL360’s record of year on year growth, despite what the company dubbed as “challenges across the market”.
“These results represent another extremely successful year for RL360 in quite difficult market conditions,” said RL360 chief executive David Kneeshaw, pictured above.
“It is an interesting and transitionary period for the industry with significant regulatory change on the horizon. We are confident that we – and the advisers we work with – are well placed to meet these challenges.
“This is being reflected in our strong start to 2018, with our quarter 1 figures significantly ahead of the same period in 2017.”
2017 IFP Award winners
2017 also saw RL360 introduce its first product into the Malaysian market launch its tablet app for submitting new Quantum regular premium business online and win International Investment’s Best Life Group (Non-UK) at the 2017 International Fund and Product Awards.
RL360 is part of IFGL. In July 2017 IFGL announced that it had entered into an agreement with Aviva to acquire Friends Provident International, subject to regulatory approvals.
*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.