RL360 achieves 31% growth in 2014
In total, sales in PVNBP terms hit £591m in 2014, up from 2013’s year end figure of £452m.
The results (PVNBP*) for 2014 also reveal confidence is returning to the Single Premium market, with sales up from £332m in 2013 to £450m in 2014, a 36% increase.
Regular Premium (RP) sales were strong too, up 18% from £119m in 2013 to £141m last year. The Far East was by far the biggest region for RP, with almost half of the sales coming from that region.
The company was in the envious position of having all of its 5 key regions hit revenue target and finishing the year strongly.
“2014 was a momentous year for RL360,” said Chief Executive David Kneeshaw. “We celebrated our first year since the management buyout and have delivered a fantastic first set of results. 2014 saw new opportunities opening up in Africa and in the Latin American market, our most recent market entry.”
“We have set ourselves some ambitious sales targets for 2015 and we’ve made good headway already, with a record number of new business applications in the first 2 months of the year.”
This strong start to 2015 comes on the back of some key product changes made at the end of 2014, including a revamp of RL360’s regular savings product RL360 Quantum.
“We also invested heavily in technology. For example, we launched online dealing for Portfolio Bonds, meaning that online dealing is now available to all products, old and new. We are now looking ahead to the launch of our online applications this summer.”
“We are grateful for the commitment of our financial backers and supporting advisers, as well as to the entire RL360 team, as we continue to push hard across all our markets."
* PVNBP = Present Value of New Business Premiums is calculated as total single premium sales received in the year plus the discounted value, at point of sale, of regular premiums expected to be received over the term of new contracts
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