Partners Life grows market share
We now have a complete picture of life insurance business written in the December quarter which includes Partners Life's numbers.
Tuesday, March 13th 2012, 1:21PM 
5 Comments
Last week Good Returns published official figures showing life insurance business, excluding medical, which was written in the December quarter. However the official figures don't include new-comer Partners Life.
Partners has now provided its figures to Good Returns (see table below). They show the company continues to grab market share and ranked second for new business written. Sovereign continues to be the leader and Partners supplanted OnePath Life in the number two spot.
Clearly Partners has made strong progress in the market. Good Returns understands a lot of this support comes through the Newpark broker group.
Overall Partners' market share jumped from 10.50% in the September quarter to 13.43%. It says it $975,000 to $1,350,000 in the three months to December 31.
| Jun-11 | Sep-11 | Dec-11 | |
| AIA | 2,947 | 3,325 | 3,791 |
| AMP/AXA | 5,094 | 4,758 | 4,653 |
| Asteron | 3,124 | 3,030 | 2,839 |
| BNZ | 1,654 | 1,747 | 1,449 |
| CIGNA | 1,157 | 1,201 | 1,267 |
| Fidelity | 2,614 | 4,806 | 3,231 |
| OnePath | 6,924 | 6,667 | 5,644 |
| KiwiBank | 484 | 623 | 586 |
| Medical | 149 | 0 | |
| Partners | 1,879 | 5,276 | 6,407 |
| Pinnacle | 321 | 361 | 318 |
| Sovereign | 12,441 | 11,882 | 12,449 |
| Tower | 2,983 | 3,120 | 1,811 |
| Westpac | 3,483 | 3,436 | 3,264 |
| Total | 45,254 | 50,232 | 47,709 |
| Partners % | 4.15% | 10.50% | 13.43% |
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Comments from our readers
"OnePath's new business declines, Sovereign's surges" was the original headline. We now can see that far from surging it was 4.75%, still a creditable increase whilst Partners managed a 21% increase. Not mentioned at all was AIA who had a 10% increase, would that be a "Leap"? With regards to the 'declines' it is accepted that OnePath's reduced by 15%; but what of the decline of 17% by BNZ, the decline of 32% by Fidelity and the staggering decline of 42% by Tower? None of these were thought worthy of a mention? Is this delivering us news or looking for a headline??
Obviously Fidelity, Tower and OnePath have all given up their market share to them, so it's not just NewPark but also TNP that seems to be using them!
I agree get the headlines and the story right, straight from the beginning and it all may make a lot more sense at the end.
We have not come close to fixing the under insurance problem in NZ over this particular 9 month period.
Perhaps there is consolation in receiving commissions on the $155.024m of new business written over the 9 month period. Perhaps there is also consolation for the majority of Advisers in knowing the replacement business written, is in the best interests of clients.
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