RL360°, the Isle of Man-based savings and investments specialist, has announced impressive results for 2015. The company managed to grow new business by 21% last year, with present value of new business premiums terms hitting £715 million. This was up on the £591 million recorded in 2014.
According to RL360°, this impressive figure was fuelled by a strong performance in sales of regular premium (RP) products, which rose from £141 million in 2014 to £236 million in 2015. Meanwhile, results for single premium product sales also rose. They climbed from £450 million in 2014 to £479 million last year, which was an increase of 6%. New business was especially strong in the Middle East, Asia and Latin America.
It has been a busy period for RL360°. Last year also saw the company acquire CMI Insurance Company Limited from Lloyds Banking Group. The move, which was finalised in December, created a combined group with 300 members of staff, 60,000 policyholders and £7 billion assets under management. CMI has now been renamed RL360 Life Insurance Company Limited and it has adopted the brand name RL360° Services.
A ‘successful’ year
Commenting on the developments, RL360° Chief Executive David Kneeshaw described 2015 as a “busy and successful” year. He added that the CMI acquisition and rebrand has made the company stronger, increased its book of business and enabled it to integrate an experienced workforce. All of this will help to encourage continued growth, he suggested.
He went on to state that RL360° is now looking to push forward and innovate, citing its new online applications system as an example. Recently, it rolled out a web-based system designed for financial advisers and their clients who are applying for its flagship RP product Quantum. The online system is intended to speed the application process up and make it more secure. Mr Kneeshaw also emphasised that the company would continue to offer the highest standards of service for its supporting advisers and their clients.
Set up in 2008 and originally called Royal London 360°, the company offers a range of policies to clients located across the world. In addition to Quantum, it offers a range of other popular policies, including PIMS, Oracle and Paragon. If you would like to find out more about the products it provides and see whether they could benefit you, you can get full details by checking out its website.