Sales reached £78m in present value of new business terms (PVNBP) at the end of March, marginally up on the £76m generated in the first three months of 2009 – a period when offshore insurers were suffering as a result of the financial crisis.
In annual premium equivalent terms (APE), the picture was even less rosy, showing a decline of 1% to £8.2m.
Despite the lack of overall growth, Royal London 360° said sales of certain products were ahead of target. Natalie Dutton, head of marketing for the Isle of Man-based insurer, highlighted that International Portfolio Bond sales were 110% above expectations, while protection business in the Far East was 153% ahead.
Dutton noted that South African Rand-based business had been a “disappointment” owing to the strength of the currency leading investors to keep money onshore.
