Royal London 360°, the Isle of Man-based offshore division of Royal London, saw £209.2 million of new business (about $347 million) during the first half of the year, a 37 per cent hike from the same period last year.

The division had the biggest increase of all the group’s activities, where the UK pension firm Scottish Life makes up the lion’s share.

Assets under management across the group jumped to £43.7 billion at the end of June, up from £39.1 billion a year earlier and £42.2 billion at the end of last year.

The group as a whole made an IFRS operating profit of £126 million, up 16 per cent from £109 million a year earlier. IFRS profit before tax was £138 million compared with a loss of £2 million a year earlier.

"Markets may well continue to be volatile, but our strong capital position will help ensure that Royal London continues to deliver good performance,” Mike Yardley, group chief executive of Royal London, said in a statement.

In other recent developments, Royal London 360° appointed Dan Moss as international sales manager, north east and north west UK, earlier this month. In May, the firm appointed a new head of investment in the shape of Vicky Ackers.