Asteron Life delivers "great result'
Asteron Life has reported a half-year net profit after tax result of $16 million compared to $10 million in the corresponding period last year.
Wednesday, February 8th 2023, 12:02PM
Asteron Life executive general manager Grant Willis says Asteron has "delivered a great result."
Key drivers of the company's result include growth in premiums and favourable experience, while market adjustments from interest rate movements improved on the pcp.
The underlying profit (UPAT) result, excluding market adjustments, was $21 million, up $8 million on the previous year.
Willis says the business has seen growth across all channels and new business of $12 million which is up $2 million on the previous year.
Market adjustments were impacted by the interest rate environment, with increasing interest rates giving rise to adverse investment income returns through mark-to-market revaluations.
Retention figures continued to be above market levels, which Willis says attests to the value of the products and service that the business is providing to customers.
Asteron Life’s claims acceptance rates were at 97% in 2022 across Asteron adviser and direct channels.
Willis says, “giving customers certainty at claims time is a key priority for the team, and the high payout ratio delivers on our purpose of being there for customers when they need us the most.
Asteron Life has worked closely to support advisers through the period in regard to impending legislation changes, and increased internal training to assist customers experiencing financial hardship.
Willis says Asteron Life’s continued support from advisers has played a significant role in the strong growth and business performance and acknowledged the efforts of the whole Asteron team in achieving the results to date.
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