Fidelity Life profit up 77%

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New Zealand’s largest New Zealand owned life insurance and investment company, Fidelity Life has reported a record $13.1million profit for the year ended 30 June 2006.

Friday, September 22nd 2006, 7:03AM

This is 77% ahead of last year's result. The company has increased its normal dividend from 33 cents in 2005 to 40 cents in 2006. In addition the company will pay a one-off special dividend of $1.00 in recognition of an exceptional year.

New business sales grew by 36% from 2005 and total assets grew by 26% to $320 million.

"Excellent investment returns underpinned the result. This combined with the strong growth in new business, meant that the year was a stellar one for the company," chief executive Milton Jennings says.

Fidelity Life has operated in New Zealand for 35 years. Its New Zealand heritage, its ability to react fast to market trends and the excellent relationship that it enjoys with over 1000 independent life insurance advisers are keys to its success.

The company has continued to improve in market share and also enjoys an A- (Excellent) rating with the leading international rating agency A M Best. Its investment portfolio results are also highly rated as 4-star by Morningstar rating agency.

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