Cigna New Zealand’s latest financial results show a 12% increase in net premium revenue, underpinned by a 22% increase in sales, and a net assets position of $798 million at the end of 2021.
Gail Costa, Cigna NZ’s CEO, says overall life insurance industry sales grew by 13%, but says Cigna’s grew by 22%. The company paid more than $114 million in claims last year (it accepted 93% of claims).
“As well as protecting more new customers, our revenue growth was underpinned by a focus on retention,” says Costa.
The company’s underlying profit after tax was $97 million, up by 25% from $78.3 million in full year 2020.
While the overall earnings result showed a shortfall of $4 million, this was largely driven by rising interest rates throughout 2021, says the firm in a statement.
“Despite the wider global economic uncertainty…Cigna maintains a strong credit rating, and reported a solvency margin of $93.6 million as at December 2021.”
Cigna is in the process of selling its life, accident and supplemental benefits businesses in seven countries to Chubb.