Royal London has reported new business sales up 12% so far in 2011, driven higher by strong performance of its international arm, Royal London 360.
Total new life and pensions business at the group, on a PVNBP basis, for the nine months to September rose to £2,595m, up from £2,318m for the same period in 2010.
Strong new business in the group's offshore arm, Royal London 360˚, which was up 32% to £308m from £233m a year earlier helped boost performance.
The group said Royal London 360's recently launched international single premium investment bond, Oracle, its single premium portfolio bond, PIMS, and its regular premium savings product, Quantum helped drive positive new business figures.
Distribution through UK wrap partnerships also remains strong at the offshore arm. The group said future plans include further UK wrap partnerships and the launch of a re-priced version of Quantum in early 2012.
Wrap platform Ascentric also drove sales higher, with new assets up 20% for the nine months to end September and total assets under administration up 60% to £3.3bn, over the 12 months to 30 September.
Over 170 firms have signed up to use the platform since the start of the year, contributing more than 7,500 new customers, the group said.
Scottish Life also had a strong good quarter with new business for the nine months up 13% over record performance in 2010, the group said.
The group said the main driver of this increase was group pensions, up 75% compared with the first nine months of 2010, in part reflecting the continued move by corporate advisers to the Retail Distribution Review (RDR) style of remuneration that Scottish Life offers.
However weak performance on the group's asset management sales dragged on the results.
RLAM net new business was down 66% to £218m for the year so far, compared to £649m in 2010.
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