Partners Life records strong profit

The result comes on strong growth across the business with its book of in-force policies growing 21% to $251 million and a record year of new business sales totalling $49 million.

The result has also been achieved against the background of a flat life insurance market.

Partners has also recently received its third and final tranche of a $200 million investment into the business by US-based Blackstone.

Managing director Naomi Ballantyne says growth has come across the business rather than from specific areas.

She says the results were better than expected and they can partly be attributed to disruption in the life insurance market with companies changing ownership. These changes create uncertainty for the companies involved.