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Asteron: Working closely with regulators

Suncorp’s life insurance business, including Asteron Life and its AA Life joint venture, saw its profits fall by almost a quarter between the first and second halves of last year.

Thursday, February 14th 2019, 12:31PM

The life arm of the insurance firm turned in a net profit after tax of $17 million for the six months to December 31.

That was down from $21m in the half ended June - a decline of almost 24% -  but $1m more than the six months to December 2017.

In-force premium grew by 4%.

Suncorp New Zealand chief executive Paul Smeaton said Suncorp was working closely with the New Zealand Government and regulators on the Conduct and Culture review of the life insurance industry.

He said Suncorp welcomed any measures that delivered improved outcomes for customers.

Overall, Suncorp operations in New Zealand recorded a profit of $120m, which was up 79.1% on the prior corresponding period.

“We continue to make good progress on our strategy to connect New Zealanders to products, services and experiences that enhance and protect their financial wellbeing,” Smeaton said.

Tags: Asteron

« Sum-insured remuneration model progressedRegulators 'may misunderstand' legacy products »

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