RL360°’s first full calendar year since its management-led buyout delivered 31 per cent growth in new business across the board.
In total, sales in PVNBP (Present Value of New Business Premiums) 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 per cent increase.
Regular Premium (RP) sales were strong too, up 18 per cent 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.
Audited operating profits were 180 per cent of planned target and RL360°’s overall increase in the embedded value was 222 per cent ahead of its 2014 set target.
The company was in the envious position of having all of its five key regions hit revenue target and finishing the year strongly.
Chief executive David Kneeshaw won the business person of the year award at the 2014 Isle of Man Newspapers Awards for Excellence.
He said: ‘2014 was a momentous year for RL360°.
‘We celebrated our first year since the management buyout and have delivering 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 two 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 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’.