Former Royal London-owned firm RL360° has seen an increase in new business under its new independent ownership, its marketing director Natalie Hall has announced.
She said: “We have performed strongly under our new independent ownership, particularly with many of our competitors struggling with reported sales down in the first half of 2014.”
The company recorded a 14 per cent increase in new business in the first half of 2014 to £255.4m, compared to £223.4m in the same period in 2013.
In November, the Royal London Group entered into an agreement, with funds advised by independent private equity firm Vitruvian Partners to support a management-led buyout of Royal London 360°.
Ms Hall said the Far East and European markets were especially strong. The period also saw the first new business from RL360°’s newest market in Latin America.
In August, RL360° retained its B+ Financial Strength rating from independent actuaries AKG.
Background
RL360° launched last November, following the private equity-backed management buyout of the Royal London 360° life business.
Based in the offshore financial stronghold of the Isle of Man, it has offices in Dubai, Hong Kong, Johannesburg and Lebanon.
Adviser View
Sebastian van Mook, financial adviser at Shrewsbury-based Abacus Associates, said: “RL360° is, for the most part, an old-fashioned outfit. Therefore, anyone with a fresh pair of eyes taking over such a large business is going to be able to cut costs and drive up revenues.”
