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Partners Life grows market share

We now have a complete picture of life insurance business written in the December quarter which includes Partners Life's numbers.

Tuesday, March 13th 2012, 1:21PM 5 Comments

Last week Good Returns published official figures showing life insurance business, excluding medical, which was written in the December quarter. However the official figures don't include new-comer Partners Life.

Partners has now provided its figures to Good Returns (see table below). They show the company continues to grab market share and ranked second for new business written. Sovereign continues to be the leader and Partners supplanted OnePath Life in the number two spot.

Clearly Partners has made strong progress in the market. Good Returns understands a lot of this support comes through the Newpark broker group.

Overall Partners' market share jumped from 10.50% in the September quarter to 13.43%. It says it $975,000 to $1,350,000 in the three months to December 31.

  Jun-11 Sep-11 Dec-11
AIA 2,947 3,325 3,791
AMP/AXA 5,094 4,758 4,653
Asteron 3,124 3,030 2,839
BNZ 1,654 1,747 1,449
CIGNA 1,157 1,201 1,267
Fidelity 2,614 4,806 3,231
OnePath 6,924 6,667 5,644
KiwiBank 484 623 586
Medical 149   0
Partners 1,879 5,276 6,407
Pinnacle 321 361 318
Sovereign 12,441 11,882 12,449
Tower 2,983 3,120 1,811
Westpac 3,483 3,436 3,264
Total 45,254 50,232 47,709
Partners % 4.15% 10.50% 13.43%
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Comments from our readers

On 13 March 2012 at 3:22 pm Ray said:
I take it those figures are $,000's AP? Table could be more clearly labelled.
On 13 March 2012 at 4:00 pm Giles Thorman said:
Headlines??
"OnePath's new business declines, Sovereign's surges" was the original headline. We now can see that far from surging it was 4.75%, still a creditable increase whilst Partners managed a 21% increase. Not mentioned at all was AIA who had a 10% increase, would that be a "Leap"? With regards to the 'declines' it is accepted that OnePath's reduced by 15%; but what of the decline of 17% by BNZ, the decline of 32% by Fidelity and the staggering decline of 42% by Tower? None of these were thought worthy of a mention? Is this delivering us news or looking for a headline??
On 13 March 2012 at 6:02 pm Lindsay said:
So the state of the industry. A company barely months old, writes more business than AXA AMP and Tower - 100 year old institutions. Is the industry fickle or innovative? [Abridged]
On 13 March 2012 at 7:57 pm 6ftndr said:
Partners may have only managed an increase of 21% over the last two quarters but from the last three they have surged over 200%, so this is an amazing result for them.

Obviously Fidelity, Tower and OnePath have all given up their market share to them, so it's not just NewPark but also TNP that seems to be using them!

I agree get the headlines and the story right, straight from the beginning and it all may make a lot more sense at the end.
On 13 March 2012 at 10:04 pm Mike Shaw said:
There is a tragedy underlying the figures for life business written in the last 9 months, (ISI statistics for June, September, December quarters), net new business written after lapses, surrenders and cancellations = $953,000.

We have not come close to fixing the under insurance problem in NZ over this particular 9 month period.

Perhaps there is consolation in receiving commissions on the $155.024m of new business written over the 9 month period. Perhaps there is also consolation for the majority of Advisers in knowing the replacement business written, is in the best interests of clients.
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