Fidelity Life boosts profit
The insurance company has announced total comprehensive income of $34.5 million in the 2016 financial year, up 37% on the year before.
After adjustment for the gain on the sale of the Fidelity Super-Super Plan, Number 3, the underlying profit before shareholder tax of $33.4 million represents an 11% improvement on the last year and a record year for the company.
Chairman Ian Braddock said that sale continued Fidelity's transition to focusing on life and related insurance business, and away from savings products.
Premium income increased by 11% to $222.7 million. The group risk book increased by 40% while retail risk increased 15%.
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