Tuesday, February 19 14:12:04
Caledonian Life, the Irish business of the Royal London Group, today said it has experienced strong growth in its new business sales and share of the Irish broker market in 2012.
Sales amounted to £32 million (E39.5 million) on a Present Value of New Business Premiums (PVNBP) basis.
This followed an overhaul of its individual protection products, such as life assurance and specified serious illness cover, after its acquisition by the Royal London Group in July 2011. Contrasting sales from July-December 2011 were £7.2 million (E8.9 million).
While final year end industry figures are not yet available, Caledonian Life's share of the market is estimated to have grown from 2.5pc in 2011 to a near 6pc share in 2012.
Its share of the broker protection market (which excludes bancassurance and direct sales) is now estimated to be just under 10pc up from 4.1pc in 2011.
"The significant investment made by Royal London in the quality and pricing structure of our products, backed up by an exceptional service, allowed us to deliver an excellent proposition to financial brokers and their clients in 2012. This proposition was well received by the market and ultimately led to significant increases in new business and market share," said Jon Glen, Managing Director of Caledonian Life.