Sales in the region, which reached just €14m in Q3 2013, were driven by higher sales of universal life products out of Hong Kong and Singapore, and “improving performance” by brokers.
Throughout all its new markets, new life sales amounted to €61m, which is up 20% on the third quarter of 2013. However, sales were down 13% on Q2 2014.
Its sales in Central & Eastern Europe remained stable at €25m, but increased sales in Turkey, Hungary, and the Czech Republic were offset by adverse currency movements, and lower sales in Ukraine and Poland.
In the UK, the Edinburgh-based company saw underlying earnings before tax of £18m on its life policies, down from £21m in Q2 but up £1m on Q3 2013.
This brings UK life earnings for 2014 so far to £56m, down from £58m over the same period in 2013.
The company said that higher earnings from a stronger performance on surplus assets were partly offset by the impact of selectively de-risking its investment portfolio to improve its capital position under Solvency II.
New sales of single and regular premium life products in the third quarter bought in £199m for the company, down from £226m in the previous quarter.
Total sales of life policies have bought in £631m so far this year, down from £681m over the same period in 2013.
Chief executive, Alex Wynaendts, said: “Our earnings this quarter were significantly impacted by changes to our assumptions and updates to our actuarial models.
“Over the past year, we have intensified efforts to review and enhance our models where necessary.
“While uncertainties due to the current regulatory environment persist, we remain focused on executing our strategy and achieving our long term ambitions.”
