Partners Life has reported a record underlying profit of $22 million for the financial year ended in March – up a respectable 76% from the previous year’s $12.5 million.
The insurer also recorded a 316% rise in its total comprehensive income, and its total assets increased by $189 million.
It’s been a tough year for life insurers across the board, but Partners Life says its growth has been driven by its strong profile of policies, and its ability to balance customer and stakeholder needs. Trust has also become more critical than ever in dealing with public perceptions, and the insurer says it is focused on dealing with the obstacles that are likely to face the industry in the coming months and years.
“Against increasing scepticism of financial services organisations, we are focused on building a balanced organisation that builds trust,” said chairman Jim Minto.
“Our customers, partners, staff, shareholders, regulators, wider community and government all need to have confidence in what we do. We can only build that confidence by trying every day to balance those needs, and to be a sustainable insurer that meets the needs of New Zealanders.”
Managing director Naomi Ballantyne also emphasised the importance of providing New Zealanders with access to comprehensive insurance, and on delivering when customers need it most.
“Since our inception just seven years ago, we have maintained a relentless focus on closing the underinsurance gap in new Zealand,” said Ballantyne. “We are making leaps in efficiency that mean we can deliver competitive pricing to customers and be there for them in their hour of need. Our success is proof that we are realising our aims, and delivering for New Zealand customers.
“We are very proud that in the past seven years, Partners Life has paid out over $278 million in claims. What insurers do for people when they need it most should always be the first metric on which they are judged.”
