Tough year but Asteron happy with its results

Asteron Life has reported an underlying profit after-tax of $38 million driven by in-force premium growth of 4% and strong retention rates.

Economic headwinds reduced reported profit after tax to $15 million, down $23 million on the prior corresponding period. It says this is "still (a) highly credible result" given the adverse impacts of the rising interest rate environment.

New business was $18 million, consistent with the prior period and reflecting similar disruptions to the business environment this year. Asteron maintained its planned margins in line with its in-force premium growth, and in addition delivered positive net experience profits for the second year running.

Executive general manager life Grant Willis, says it was a challenging year for customers, advisers and the Asteron team, but the net growth and underlying performance result is pleasing, and the business is strong, profitable and well set up to support customers.