Partners not concerned by loss
Partners Life chief financial officer Sean Kam says the result is not a worry for the company as net revenue, including reinsurance payments, grew to $85.16 million in the most recent financial year, from $78.56 million in the 2013 year. But total expenses grew from $69.87 million to $80.99 million.
Kam said the difference in profit from the year could be put down to changes in the discounting rate and reserving basis, which accounted for $1.8 million of the difference. He said last year’s profit was driven by interest rates. “These are not in our control.”
Kam said the 2014 year was a successful one for Partners. Premium revenue grew from $38.4 million to $68.7 million and the in-force book grew to $92.7 million. It passed $100 million in July.
He said profit was not the company’s most important measure of performance. It was more interested in market share, adviser relationships, in-force premiums and premium revenues. “Those are the metrics that we measure ourselves by as a new company.”
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