RL360° reported that PVNBP climbed to £835m (€953m, $1.1bn) in 2017, up from £797m in 2016.
Single premiums were up 13% to £573m, compared with £505m in 2016. In contrast, regular premium sales fell to £262m from £292m in 2016, representing a 10% drop.
“These results represent another extremely successful year for RL360° in quite difficult market conditions. We have continued to perform strongly in our key markets, without sacrificing profit margin,” said chief executive David Kneeshaw.
New business results were particularly strong in Asia, Latin America and the Middle East – with each of these regions showing an overall growth in sales on the PVNBP basis, RL360° said.
“It is an interesting and transitionary period for the industry with significant regulatory change on the horizon. We are confident that we – and the advisers we work with – are well placed to meet these challenges.
“This is being reflected in our strong start to 2018, with our quarter one figures significantly ahead of the same period in 2017,” Kneeshaw said.
In July 2017, Aviva sold Friends Provident International to RL360° for £340m, a move Kneeshaw described as a “game changer” for the company.
The deal is expected to close in 2018.
