Major milestones achieved by fast-growing life insurer
Major milestones achieved by fast-growing New Zealand-owned life insurer
Partners Life, New Zealand’s fastest growing life insurer, has achieved a further two major milestones recently with a significantly oversubscribed capital raising and the accumulation of $100m in in-force annual premiums.
“It is just over three years since we opened for business and, in a market dominated by well-resourced and long-established foreign-owned life companies, we have created a very substantial and competitive New Zealand company,” says Partners Life Managing Director Naomi Ballantyne.
“The record of our management team in the industry and the quality of our products and service has seen us win and sustain strong support from independent advisers. Add to that the high level of under-insurance in the New Zealand market and it is clear that there are plenty of opportunities for sustained growth.”
The capital raising attracted such strong interest that the amount raised of $31.6m, was well in excess of the target minimum of $20m.
“Investors have been attracted to the combination of our experienced leadership team, our proven track record of sustained growth, and the market potential available to us.”
The funds raised further strengthen Partners Life’s capital position. They will be used to support continued business growth through the provision of exceptional consumer product and service offerings.