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: Tuesday, March 19th, 6:25PM

Insurance

rss
Latest Headlines

Partners Life beats its own targets

Partners Life says its sales volumes have exceeded its own forecasts and it now holds the number one position for new business written.

Wednesday, December 12th 2018, 9:00AM

Partners Life CFO Sean Kam

The company has reported underlying insurance profit of $5.9 million in the six months to September 30. This is 38% lower than in the comparable period last year when it reported a profit of  $9.5 million

Chief financial officer Sean Kam says this was due to "some short‐term claims volatility".

During the period it paid out $59.2 million in claims compared to $40.9 million last year. The gross claims ratio was 49.9% in the six-months to September.

Overall, Partners Life has paid out $328 million in claims since inception.

Kam says growth was "surging ahead on its own sales and growth metrics against an external reduction in overall market sales."

This activity has converted to new business annual premium income issued for the six months of $27.4 million, up 16% on the $23.7 million for the previous interim period.

"This growth is exceptional against the backdrop of sales across the entire market being down from the previous interim period. The quarterly market share for September 2018 reflected this, with Partners Life achieving the number one new business market share for the individual risk market, its highest‐ever new business market share."

Comprehensive income for the six months was $19.5 million, compared to $18.6 million for the previous period. This included $1.3 million of one‐off expenses relating to merger and acquisition diligence activities.

Partners Life continues to maintain a strong solvency ratio; at 30 September 2018 this was 137% with a solvency margin of $106 million.

"The company has continued to deliver regular new initiatives and provide increased customer value while supporting advisers with their processes and managing upcoming regulatory changes," Kam says.

Partners Life Financials

Tags: Partners Life

« Old approach won't always stack up Not acceptable that ACC doesn't cover illness: OECD »

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

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.

nib gets new CFO
Alvin Soh has joined nib New Zealand as its chief financial officer. Heh is a chartered accountant with more than 20 years of commercial experience in leadership roles.

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