37% increase in new business
RL360 has recorded an increase in new business of 37% during the first six months of 2011, compared to the same period last year.
The Isle of Man-based offshore life company wrote £209 million of new business between 1 January and 30 June, compared to £153 million in 2010. This increase can be attributed to a number of factors.
The launch in April of Oracle, RL360’s new international single premium investment bond, has already brought in a large volume of new business. Oracle has been well received in the marketplace with both IFAs and investors thanks to its competitive charging structure, wide ranging and flexible guided architecture fund range, and low minimum premium of £20,000 or currency equivalent.
Sales of the regular premium savings product, Quantum, and the international single premium portfolio bond, PIMS, also remain very strong. In addition, our UK offshore Wrap partnerships continue to perform well.
Natalie Hall, Head of Marketing at RL360, commented: “We expect the recently launched ‘Split Trust’, for use with LifePlan, to prove very popular with investors throughout the remainder of 2011 and into next year. This 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.
“A 37% increase in new business 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.”