This means that it would be the third biggest for new API behind Sovereign and OnePath. However Partners Life chief executive Naomi Ballantyne reckons it will move into second place next quarter ahead of her old company OnePath Life.

Partners Life figures aren't official as the Investment and Savings Association, which complies figures, has refused Partner's membership application.

After publishing the latest ISI stats Good Returns approached Partners for its figures.

Ballantyne says the business is evenly split between new policies and exisiting business. She says the 50:50 split is the industry standard.

Partners has around 1000 advisers and groups on its books and around 700 are regularly producing business for the firm.

Ballantyne says that the average annual premium of business written is $2,800. This is higher than she expected.

She says it appears that most of the business is coming from OnePath and Sovereign, however Partners is not targeting OnePath business and it doesn't expect to impact on new business written for Sovereign, That business from the latter is more to do with independent advisers not wanting to put business with the company.

"We won't impact on Sovereign's new business," she says. "Sovereign is not really our competitor."

Business is coming from OnePath, she believes, as advisers aren't comfortable with the bank ownership and its new focus is on persistency rather than writing new business.