Isle of Man-based saving and investment specialist RL360° has revealed it had a strong year in 2015. According to the company, it recorded growth of 21% in new business over the 12-month period. This was attributed mainly to impressive growth in its regular premium business.
RL360° announced that its regular premium sales hit £236 million last year. This was up by 67% compared with 2014, when the figure was £141 million. Sales of single premium products were also up. They jumped from £450 million in 2014 to £479 million last year. This represented a rise of 6%.
New business results were especially robust in Latin America, Asia and the Middle East, RL360° noted.
The positive figures come after a year of major changes for the RL360° Group. On 1 December 2015, the group completed its acquisition of CMI Insurance Company Limited from Lloyds Banking Group plc. The development created a combined group with around 300 members of staff, 60,000 policies and more than £4 billion in assets under management.
‘Busy and successful’
Commenting on the company’s growth figures from last year, RL360° Chief Executive David Kneeshaw said: “Once again it has been a busy and successful year for RL360°.” He added that the company’s acquisition of CMI and its subsequent rebrand to RL360° Services has made it stronger, allowed it to integrate experienced personnel and increased its book of business.
He went on to note that the 2015 figures continue RL360°’s record of achieving year-on-year growth, suggesting it is “reason to celebrate”.
According to Mr Kneeshaw, the company now intends to push forward with innovations such as its newly rolled out online application system for its flagship regular premium product Quantum. It also plans to continue offering the highest standards of service to its advisers and their policyholders.
Royal London 360° was established 8 years ago when the companies Scottish Provident International Life Assurance Limited and Scottish Life International Insurance Company Limited (both based on the Isle of Man) came together. It changed its name from Royal London 360° to RL360° 5 years later in November 2013 following a management-led buyout, which was supported by MunichRe and Vitruvian Partners. If you would like to find out more about the range of savings and investment products the company has to offer, you can visit its website. The site provides detailed product literature on all of RL360°’s policies, including Quantum, Oracle and PIMS.