The Isle of Man based life insurance company said its present value of new business premiums were £209m over the six months to 30 June 2011 compared with £153m over the same period last year. Meanwhile, its annual premium equivalent increased 38% from £17m to £23.5m.
Royal London 360°’s first half results made it the best performing business within the Royal London group, just ahead of Royal London (retail) which chalked up increases in its PVNBP and APE of 36% and 8% respectively.
David Kneeshaw, chief executive of Royal London 360°, said: “The 37% increase in new business is proof that our investment in infrastructure and our recent product development work is paying off. This is extremely encouraging, and 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.”
In particular, Royal London 360° said sales were boosted by the April launch of its international single premium product Oracle, which has since seen a large volume of business, and robust sales of its regular savings product Quantum and international single premium product PIMS.
