ROYAL London 360° has written a record 39% increase in new business for the year ending 31 December 2010, compared to the same period in 2009.
The Isle of Man-based offshore life company recorded new business worth £329 million during 2010, a significant increase on the £237 million written in 2009.
Its parent, Royal London, saw a total increase in new life and pensions business* of 26%, to £3,104 million (£2,461 million, 2009). Royal London is the UK’s largest mutual life and pensions company; Royal London 360° is the group’s international division.
Natalie Hall, head of marketing at Royal London 360°, said, “We had a strong finish to 2010, exceeding target and writing a record level of new business, and I would like to thank our staff for their dedication.
“Our strong business performance was buoyed by the April launches of Quantum, our regular premium international savings product, and our award-winning Select Discounted Gift Trust (DGT) ** which helps to reduce the value of an individual’s estate for UK Inheritance Tax (UK IHT) planning and is the most flexible DGT in the UK market.
“In addition, our Wrap partnerships targeting the UK single premium market attracted solid inflows during 2010.
“Our international regular premium savings products performed especially well, and developing and increasing our international product range will continue to be a focus for Royal London 360° in 2011.
“At the end of last year we secured regulatory approval to launch Choice, our single premium portfolio bond exclusively for sale in Hong Kong, and this launched on 1 January 2011. This is an important market for us, and will continue to be a focus this year and beyond.”
* 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.
** Royal London 360°’s Select Discounted Gift Trust won two International Adviser awards in September 2010 for ‘Best New Product (UK Offshore)’ and ‘Best Estate and Trust Planning Product (UK Offshore)’.
