RL360° achieves 21% growth in 2015
RL360° achieved 21% growth in new business in 2015, with sales in PVNBP* terms hitting £715m.
This was up from 2014’s figure of £591m, fuelled by a strong regular premium (RP) performance. RP sales soared by 67%, from £141m in 2014 to £236m last year.
The results for 2015 also reveal Single Premium (SP) sales are up from £450m in 2014 to £479m, a 6% increase.
New business results were particularly strong in Asia, Latin America and the Middle East.
The achievement comes in a year of significant development for the RL360° Group, which completed the acquisition of CMI Insurance Company Limited (CMI) from Lloyds Banking Group plc late last year. The acquisition of CMI - now renamed RL360 Life Insurance Company Limited and operating under the brand name RL360° Services – creates a combined group with $10bn in assets under management, circa 60,000 policies and 300 staff.
“Once again it has been a busy and successful year for RL360°,” said Chief Executive David Kneeshaw. “The acquisition of CMI and subsequent rebrand to RL360° Services has made us stronger, increasing our book of business and allowing us to integrate an experienced workforce to help support continued growth. The 2015 results, continue our record of year on year growth. Our 2015 RP performance is reason to celebrate and the increase in SP sales in a very competitive market is equally pleasing.
“Our sights are now set firmly on pushing forward with new developments, such as our online applications, and on ensuring we continue to provide the best service and standards for our supporting advisers and their policyholders.”
* 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.