Single premium new businesses increased by 33% to £332m from £250m over the previous year at the Isle of Man headquartered company,
This comes despite RL360° shifting its focus away from the highly competitive and less profitable single premium market to the higher margin regular premium section of the offshore bond market in 2012.
At the time, Hall said: “Royal London 360° has always ensured that any business we write is at a minimum profit threshold, and the margins in the single premium market in the UK are now so fiercely low that we’d prefer to walk away from the business than write it at a loss to simply grab headline APE.
“In contrast, the international regular premium market, with our products such as Quantum and Paragon, can deliver far more attractive profit margins.”
Meanwhile, new regular premium business reached £119m, up £7m from 2012, to form a significant part of the 24% total increase.
The offshore bond provider said the largest share of its regular premium business came from the Far East, followed by the Middle East.
In total, the company saw £451m in new business written across its single and regular premium products during 2013.
A management-led buyout backed by private equity firm Vitruvian Partners in November last year led Royal London 360 to break away from the Royal London Group and rebrand itself as RL360°.
Director of marketing at RL360° Natalie Hall said: “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.”
In March, the Isle of Man-based company announced that it was looking to expand into South America. Chief executive David Kneeshaw said he believed significant business could develop in years to come as the continent’s middle class continues to grow.
It also announced longer term plans to expand into Qatar once it has managed to develop and have approved a range of products that are compliant with the regulations in that market.
Click here to read an interview with RL360 chief executive David Kneeshaw.
