David Kneeshaw, chief executive of RL360°, told International Adviser in an interview that, while there were hundreds of different premium connotations, he expects premiums on new LifePlan policies will on average be 10% cheaper than before.
Kneeshaw also said that, following a revamp earlier this year, sales of its Quantum savings plan were running at about 20% above last year’s levels, adding that improved service levels meant clean applications for the product were being turned around within 24-48 hours.
RL360° was formed by the merger of Scottish Provident International and Scottish Life International, then owned by Royal London, and subsequently separated through a management buyout in October 2013.
After the MBO, Kneeshaw said the company had always planned to grow through acquisitions, while continuing its organic growth and geographical expansion.
The merger with CMI, announced in May, is expected to pass all regulatory approvals by the end of July, though Kneeshaw does not expect to complete the transition to a fully merged entity until the end of 2016.
The company bought CMI from Lloyds Bank, which put the insurer up for sale in December last year, after deciding to close its offshore operations to new business in order to focus on its core markets in the UK.
With the addition of CMI’s 24,000 policies, and more than £5bn in assets under management, the combined group will have around £8bn in assets under management, giving RL360° greater economies of scale. Kneeshaw also signalled that the group’s geographical expansion plans were proceeding well.
RL360° became fully compliant and legal in Qatar as of late last year, adding to its established business in the United Arab Emirates.
It has also begun accepting business from Latin America.
Kneeshaw said the Latin American business was spread over 10-11 countries and that growth had been “much more rapid than we had envisaged”.
