RL360 reports new business growth in 2013

Offshore bond provider RL360 has reported a 24 per cent increase in new business for 2013.

According to the company’s year-end results, £451m was written across the life company’s single and regular premium products.

Single premium new business grew 33 per cent with £332m written over the course of the year, up from £250m the year before.

Regular premium new business also grew to £119m, up from £112m in 2012.

According to a statement from the company, the largest share of RL360’s RP business came from the Far East, followed by the Middle East.

The firm broke away from the Royal London Group late last year with a management-led buyout backed by private equity firm Vitruvian partners.

Following the transaction a spokesperson for RL360 told FTAdviser sister publication Financial Adviser the terms of business for international advisers had not changed while UK intermediaries would receive new terms shortly following the deal.

Natalie Hall, director of marketing at RL360, said: “It was pleasing to achieve excellent new business growth in all key regions during the year.

“Becoming a part-owner in the business in November was a privilege, and a move that has been supported and viewed really positively by our distributors and partners.”