Asteron Life made a profit of $16 million in the half year to 31 December 2022, says the firm. The figure is $10 million higher than for the same period in 2021.
The firm, owned by Suncorp NZ, says key drivers of the result include growth in premiums and increased income as a result of higher interest rates.
Asteron Life Executive General Manager, Grant Willis says the firm’s continued support from advisers has played a significant role in its business performance.
The business has seen growth across all channels and new business of $12 million is up $2 million on the previous corresponding period.
Asteron Life’s claims acceptance rates were 97% in 2022 across Asteron adviser and direct channels “…giving customers certainty at claims time”.
Willis says: “High payout ratio delivers on our purpose of being there for customers when they need us the most.”
“The business has delivered a great result. However, our immediate focus is on supporting our customers who have been impacted by the North Island flood event.
“We are working closely with advisers and customers to make sure they are fully aware of all available options to ensure they can manage costs at this time without impacting their cover including premium relief.”