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Listing next step for Stewart's variable annuity business
Friday 28th of February 2020
Stewart says the group aimed to raise $2.5 million and ended up accepting $3.4 million. This new capital would be used to meet regulatory requirements and fund new business.
He says it will enable the group to write up to $80 million of new variable annuities each year.
RIG is experiencing significant demand at the moment and, as reported by Good Returns earlier, and exceeded sales forecasts in November and December on the back of falling interest rates.
In the last quarter of 2019 sales exceeded plan by 140% or nearly $30 million.
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