Royal London 360°, the Isle of Man-based offshore division of the Royal London Group, has recorded a 37 per cent increase in new business during the first six months of 2011, compared to the same period last year.

The company wrote £209 million (around $340.6 million) of new business between 1 January and 30 June, compared to £153 million in 2010. This rise was attributed to a number of factors including the launch in April of a new international single premium investment bond called Oracle and sales of the regular premium savings product, Quantum, and the international single premium portfolio bond, PIMS. The firm also said its offshore wrap partnerships continued to perform well.

“The 37 per cent increase in new business is proof that our investment in infrastructure and our recent product development work is paying off,” said David Kneeshaw, chief executive of Royal London 360°.

Last week the firm appointed Wayne Badura to its Africa sales team and earlier this month Dan Moss was named as the new international sales manager for the north east and north west UK regions.