ROYAL London 360° has recorded an increase in new business of 37 per cent* during the first six months of 2011, compared to the same period last year.
The Isle of Man-based offshore life company wrote £209 million of new business between January 1 and June 30, compared to £153 million in 2010.
The company said today that the increase can be attributed to a number of factors, including the launch in April of Oracle, Royal London 360°’s new international single premium investment bond, which has already brought in a large volume of new business.
Oracle has been well received in the marketplace with both IFAs and investors thanks to its competitive charging structure, wide ranging and flexible guided architecture fund range, and low minimum premium of £20,000 or currency equivalent.
Sales of the regular premium savings product, Quantum, and the international single premium portfolio bond, PIMS, also remain very strong and the company’s UK offshore Wrap partnerships continue to perform well.
In addition, it is expected the recently launched ‘Split Trust’, for use with LifePlan, will prove very popular with investors throughout the remainder of 2011 and into next year. 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.
David Kneeshaw, chief executive of Royal London 360°, said, “The 37 per cent increase in new business is proof that our investment in infrastructure and our recent product development work is paying off. This is extremely encouraging, and I am confident we will continue to increase our market share and build on the incredibly hard work being done by our staff during the remainder of 2011.”
* 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.
