Suncorp New Zealand-owned Asteron Life delivered $29 million of net profit after tax for the six months to December 31, 2020. This was up $15 million on the preceding period.

The positive result has been attributed to improved claims and favourable returns on investment.

New business increased by $1 million from the period prior. Asteron Life says this is a reflection of an increase in submission from independent financial advisers and above-system retention rates.

The premiums for in-force policies grew by 3.7% on the preceding period, with CPI and age-related growth also reported.

Suncorp New Zealand CEO Jimmy Higgins says that the new end-to-end operating model established in 2020 has been a factor in the growth.

“The team has made good progress on the implementation of new systems and adviser support actions and will continue to focus on growing new business across all of Asteron Life’s distribution channels,” he says.

Suncorp New Zealand also announced net profit after tax of $129 million for the six months to December 31, 2020. This was up 19.3% on the prior corresponding period.

Higgins says the result reflected strong performance of the business, which has offset the impact of increased natural hazard events.

“We’re seeing unit growth in both our direct channel and the broker-intermediated lines, alongside broadly flat operating costs,” he says.

“The business is in a very strong position and we have the strategy and resources in place to focus on growth, as well as investing in technology and processes that will make our business more efficient and easier to do business with.”