Asteron Life, the Suncorp-owned New Zealand life insurer, more than tripled its earnings in the last financial year as new business grew 25% during the period. 

Profit after-tax increased to $NZ50 million ($46 million) from $NZ15 million ($13.9 million) a year earlier, supported by growth in planned profit margins and favourable market adjustments. 

The insurer says the 25% growth in new business contributed to in-force premium growth of 6.7%, which also benefitted from CPI and age-related premium rises. 

Asteron Life EGM Grant Willis says the support and increasing engagement from independent financial advisers were drivers behind the double-digit rise in new business growth. 

“We value our relationship with advisers and the partnership they have with us in supporting customers through every part of their life insurance journey, from new business through to claims,” he said. 

Solid performances from the insurer’s direct channel – AA Life – and efforts of the Asteron Life team also contributed to the results. 

Mr Willis says the insurer is always looking for opportunities to improve its offerings. An example this year has been the introduction of an “enhanced” virtual medical and wellbeing service, Asteron Life Connected Care, providing free access to medical advice from medical specialists, dieticians and fitness experts.