Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Partners Life takes leading position

Media release
For immediate release
Tuesday 18 September 2012


Partners Life takes leading position in life and risk insurance industry


New Zealand-owned Partners Life has moved to a leading position in the life and risk insurance industry just 18 months after launch, coming second in the market to Sovereign for new annual premium income (API) to the end of June 2012.

“We set Partners Life up to bring high value products to New Zealanders that we considered the mature Australian-owned insurers were not offering,” Chairman Boyd Klap says. “We are succeeding in meeting that objective.”

“The rapid growth of the business reflects the confidence independent advisers have in our experienced team, and their appreciation of our customer-focused approach. We recently received the highest overall score for adviser satisfaction in the annual independent Beaton Benchmarks survey of the life and risk industry in New Zealand.”

Mr Klap says the foundations are in place for sustained growth.

“We have attracted outstanding independent directors Sam Knowles and Joanna Perry, investment from respected institutional investors Maui and Rangatira, and reinsurance through the SCOR Group, the 5th largest reinsurer in the world. Based on the most recent share price Partners Life had achieved a value of $78.6m as at 31 March 2012 against introduced equity of $23.5m.”

Managing Director Naomi Ballantyne says that the response from independent advisers to Partners Life’s entry to the market has been particularly satisfying.

“The feedback from Beaton was that they have never seen such positive results for product quality and innovation. While product quality is an important factor in our strong relationship with independent advisers, that relationship is also a result of their experience of our key people over the last 20 years. They trust us to respond fairly to claims, and not to look for reasons not to pay.

“This reputation has been central to our success in the industry, so when we started Partners Life we put our ‘if it’s grey we’ll pay’ promise at the heart of our brand.”

Partners Life is based on a business model that shares the value created with all parties – including customers. Existing customers benefit from retrospective product enhancements so that their products remain as good as those on offer to new customers, and a loyalty discount applies to premiums.

Partners Life market share continues to grow across its range of life risk products including life, trauma, medical, permanent disability and income protection insurance. The company also now offers a suite of business protection products.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news