Mixed bag in Partners results: Profit down, market share up

Chief financial officer Sean Kam says Partners Life market share has grown from 17.5% to 22.2% during the year and it continues to be the number one firm for new business in the independent financial adviser market.

The company issued a new record $54 million of new business despite the backdrop of a distracted market which saw a reduction in the overall new business volumes.

Kam says across the total market new sales were down due to disruption particularly from regulators and also corporate actions. He also says there has been a fall in life insurance sales through the bancassurance channels.

Partners profit has been impacted by adverse claims experience and higher than anticipated expenses.