RoyLon 360º and Standard see boost in offshore sales
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Royal London 360º is reporting early signs of a recovery in offshore markets while Standard Life says it has seen its best month on record for international business.
RL360º new business for Q1 2010 was up by 2 per cent to £78m from £76m in the first quarter last year.
The firm says it has seen inc-reased offshore business from the UK through wrap providers and there has been strong demand for portfolio bonds from international markets.
Head of marketing Natalie Dutton says: “Single-premium portfolio bond business has been particularly strong for us in all our international markets during Q1. Regular-premium protection business in the Far East is also well ahead of plan.
“I expect regular-premium business to increase in momentum during Q2 due to the launch of our regular-premium product Quantum at the start of April, which is already translating into solid business volume.”
Standard Life European product development manager Colin Thores says while the company does not publish its offshore sales figures, March 2010 has been the best month on record for international business.
He says: “It has been a very positive first quarter of 2010 for Standard Life International, with March 2010 being our best month ever in terms of business written. Total sales in Q1 2010 were up by 62 per cent relative to the same period in 2009.”
Skandia International product marketing manager Phil Oxenham says that despite recent criticism of some offshore centres and financial products, investors remain confident in the international investment market.
Oxenham says: “Our own experience with offshore advisers and investors indicates that international investors continue to view offshore investment products as a valuable and important option for financial planning and that consumer confidence is gradually returning.
“Investing offshore through robust jurisdictions continues to form a legitimate part of inv-estors’ offshore planning.”
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