The Isle of Man-based life company said the growth was spearheaded by its regular premium product Quantum and that £113m of regular premium business was written in 2012, compared with £75m during the same period in 2011.
RL360° began shifting its focus away from the more traditional lump sum business at the beginning of 2012, finally confirming its plans to International Adviser in May.
In addition to the shift away from lump sum business, RL360° also decided last year to sell only wrap business in the UK market. The company said this had led to a fall in overall new business compared with the previous year, with the present value of new business premiums for 2012 dropping 9% from £397m to £363m last year.
However, RL360° said markets outside the UK saw an increase of just under 10%. This includes the Far East where new business sales increased 58% to £87m and the Middle East where new business was up from £52m in 2011 to £69m in 2012.
David Kneeshaw, chief Executive of RL360°, said: “There is some really good news here for RL360°. We are determined to always write business that is profitable and that is what we have done throughout 2012 by focussing on regular premiums.
“Our regular premium business is performing exceptionally well and this provides us with a fantastic platform on which to build.”
