Asteron Life Reports In-force Premium Growth


Suncorp New Zealand has reported its life insurance business, Asteron Life and AA Life, delivered profit after tax of NZ$17 million, in line with the prior corresponding period, while in-force premium grew by four percent, as part of its half yearly financial results.

Suncorp Group overall reported a net profit after tax (NPAT) of A$250 million for the six months to 31 December 2018 while its New Zealand business achieved NPAT of NZ$120 million, up 79.1 percent on the prior corresponding period.

Suncorp New Zealand CEO, Paul Smeaton

Suncorp New Zealand CEO, Paul Smeaton, said the company was working closely with the New Zealand Government and regulators on the Conduct and Culture review of the life insurance industry and that Suncorp welcomed any measures that deliver improved outcomes for customers.

Smeaton said the half yearly result reflected strong top-line growth, the absence of any major natural hazard events during the half year, and strong ongoing business performance.

“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,” he said.

Looking ahead, Smeaton said Suncorp will continue its focus on building a more resilient business to meet a greater number of customer and business partner needs – across its direct, intermediated and corporate partner channels.

“We are well placed to build on a strong first half result and remain committed to being there for our customers in the moments that matter,” Smeaton said.