tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Thursday, March 28th, 10:13PM

Insurance

rss
Latest Headlines

Income drop sign of move to slow, steady growth for Partners

Partners Life says its focus is on slow, steady, continuous growth – something that is reflected in its latest financial statements.

Friday, August 12th 2016, 11:50AM

by Susan Edmunds

Naomi Ballantyne

The insurer has released results for the 2016 year, which show total comprehensive income dropped from $18.45 million in 2015, to $11.05 million.

Managing director Naomi Ballantyne said the growth rate of the company’s first years had been quicker and the company knew it would slow down. This year's result was in line with those expectations, she said.

Its underlying insurance profit grew by almost a quarter to $12.6 million in the year. Partners Life paid out $57.9 million in claims for the year, up from $44.4 million in 2015. Reinsurance covered $30.6 million of that.

Net premium revenue, after reinsurance expenses, was $55.3 million, up from $40.4 million in 2015. Its net claims expense increase from $20.82 million to $27.3 million but expenses, largely driven by commission and operating expenses, jumped from $94.25 million to $108.31 million.

It paid $57 million in upfront commissions to win $38 million of new business in the year.

Ballantyne said the significant amount of upfront commission payment was because advisers were the insurer’s only distribution channel and it was all new business. “It’s not balanced by years of renewal commissions on an in-force book yet,” she said.

The level of upfront commissions dropped from $61.9 million in 2015 and trail commissions increased to $13.4 million from $9.2 million.

Ballantyne said she was pleased with the result for the 2016 year.

Partners has signed deal for a $200 million investment from Blackstone Tactical Opportunities. The financial statements note the investment should happen over the next two years, subject to shareholder and regulatory approvals, and relevant commercial decisions.

“The directors are confident all requirements for the investment to proceed will be met.”

Tags: Partners Life

« Kiwi company attracts $200 million global investmentnib doubles profit after OnePath acquisition »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Insurance Briefs

Partners helps fund depression recovery centre
New Whakamātūtū Wellington Depression Recovery Centre gets financial boost from Partners Life.

AIA adds cover for prophylactic surgery following cancer
AIA makes changes to policies and adds preventative surgery for several types of cancer.

Chubb appoints David Morrow as Country President for New Zealand
Chubb has appointed David Morrow as Country President for New Zealand.

nib adds specialist skills to its board
Two new board appointments at health insurer nib add new perspectives, chairman says.

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News
Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com
x