Partners Life has reported a record underlying insurance profit of $22m for the financial year ended 31 March 2018, a 76% increase from $12.5m in the previous year.
The insurer attributed the result to the continued profitable growth of its book of in-force policies, which rose 21% to $251m following a record year of new business sales of $49m.
Total comprehensive income lifted 316%, to $38m from $9m, while number of lives insured rose 14%,to 165,000 as of March 2018 from 145,000 the previous year.
The insurer’s claims loss ratio held at 41.5%, with total claims increasing 21% to $86m in line with premium income while operating expense growth was 15%.
Partners Group’s total assets increased by $189m to $736m, and the life company RBNZ solvency margin rose by 49% to $110m.
Managing Director, Naomi Ballantyne, says, “Since our inception just seven years ago, we have maintained a relentless focus on closing the underinsurance gap in New Zealand by offering market-leading products and making leaps in efficiency that mean we can deliver competitive pricing to consumers and be there for them in their hour of need.”
She added: “We are very proud that in the past seven years, Partners Life has paid out over $278m of claims. What insurers do for people when they need it most should always be the first metric on which they are judged.”
Chief Financial Officer, Sean Kam, said, “I am very pleased with an exceptional result in a flat life insurance market.
“With the continued support from our key strategic shareholders and reinsurance syndicate, Partners Life is well capitalised to meet its customer commitments while continuing on its unprecedented growth trajectory,” he said.