Suncorp hails life brands' growth
New Zealand life insurance brands are not part of Suncorp's examination of "strategic alternatives" for its personal risk business.
Thursday, February 9th 2017, 7:17PM
Asteron Life and AA Life pulled in a profit of $18 million in the six months ended December.
The insurer recorded an overall group profit of A$537m ($568m) for the half.
Its life insurance brands recorded solid growth, the insurer’s New Zealand chief executive Paul Smeaton said.
In-force premium increased 8.1%, driven by increases in new business, strong customer retention rates and hybrid commission structures.
Underlying profits increased by 41%, reflecting a positive claims and lapse experience of $5m.
Smeaton said the New Zealand life business was not involved in the "optimisation programme and strategic alternatives" being explored for Suncorp’s Australian life insurance business, which were announced as part of the results presentation.
“The New Zealand life business is strategically important to the implementation of our strategy, and it continues to deliver strong financial returns," he said.
Smeaton said the New Zealand life business operated as a standalone entity, with its own licence to operate, governance, manufacturing capability, people, and strong adviser network.
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