In the latest results published by the life insurer, the present value of new business premiums (PVNBP) climbed 11% last year to £797m (€927m, $1.03bn), compared to £717m in 2015.
RL360° said it calculates PVNBP 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.
The company’s statement did not provide any revenue, profit or loss figures.
New business
New business results were particularly strong in Asia, Latin America and the Middle East, said the company, adding the 2016 results continue RL360°’s record of year on year growth, in the face of “challenges across the market”.
Sales of regular premium (RP) plans grew by 24% compared to the same period the previous year, from £236m in 2015 to £292 last year.
RP sales shot up by 67% in 2015 to £236m from £141m in 2014. Single premium sales were also higher that year, though they increased by a more modest 6% to £479m.
‘Regulatory change’
“It was another extremely successful year for RL360° as we continued to perform strongly in our key markets,” said RL360° chief executive David Kneeshaw.
“The industry is facing a lot of regulatory change in the coming months. We are confident that we are well placed to meet the challenges and opportunities that they will undoubtedly present.
“We view the changes positively and I believe both RL360° and the wider industry will emerge stronger as a result.”
Last November, the insurer acquired Rowan Dartington’s global platform business Ardan International for an undisclosed fee.
RL360° Group completed the acquisition of CMI Insurance Company from Lloyds Banking Group in late 2014. It was renamed RL360° Life Insurance Company and now operates under the brand name RL360° Services.
