Isle of Man-based Royal London 360° sees growing popularity in single premium bonds and UK offshore wrap partnerships
Royal London 360° is bucking the economic trend with strong sales figures during the first six months of 2011.
The Isle of Man-based offshore life company wrote £209m of new business between 1 January and 30 June, compared with £153m in 2010. The rise represents an increase of 37% on a PVNBP* basis.
Royal London 360° attributes growth to a number of factors, including the popularity of its new single premium investment bond, Oracle, launched in April this year. In addition, sales of the regular premium savings product, Quantum, and the international single premium portfolio bond, PIMS, have seen strong sales as well as its UK offshore Wrap partnerships that continue to perform well.
David Kneeshaw, Chief Executive of Royal London 360° says he is extremely encouraged by the figures: “The 37% increase in new business is proof that our investment in infrastructure and our recent product development work is paying off. I am confident we will continue to increase our market share and build on the incredibly hard work being done by our staff during the remainder of 2011.”
Royal London 360° says it expects the recently launched ‘Split Trust’, for use with LifePlan, will prove very popular with investors throughout the remainder of 2011 and into next year. The trust allows a UK domiciled LifePlan policyholder, who has selected both Critical Illness and Life Cover, to have access to their Critical Illness benefit whilst ensuring that the Life Cover does not fall into their taxable estate for UK Inheritance Tax (UK IHT) purposes.
*PVNBP figures are calculated as new single premiums plus the expected present value of new regular premiums.
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