RL360 retains market-leading AKG rating
RL360 has retained its B+ AKG rating, cementing the companys successes over the past year.
Actuarial consultancy AKG, which specialises in the provision of financial services industry ratings, awarded the B+ for RL360’s financial strength, as well as four stars for service.
“Following the 2013 (management-led) buyout, AKG considers RL360 to be a financially strong standalone operation with very strong operational characteristics,” stated the report.
“I’m delighted to have retained our AKG Rating following a packed and hugely successful year,” said Director of Marketing Natalie Hall. “No other offshore life operation has a higher rating, which reflects not only our financial strength but also commitment to progress, which can be seen in our expansion into new markets and our acquisition agenda.”
The AKG report also refers to RL360’s acquisition plans for Clerical Medical International (CMI), saying a successful integration of CMI should ‘provide a solid platform for further positive development’. RL360 is preparing, subject to regulatory approval, to sign the final deal on its acquisition of CMI, which will more than double RL360’s assets under management to £8bn.
The start of the year saw RL360 report 31% growth in new business across the board in 2014, which was the company’s first full calendar year since its management-led buyout.
In total, 2014 sales (in PVNBP terms*) hit £591m in 2014, up from 2013’s year-end figure of £452m.
*PVNBP = Present Value of New Business Premiums is calculated 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.
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RL360 posts 31% growth in new business for 2014 – International Adviser