Fidelity Life - 33 years strong

[ Thursday, 20 July 2006 ]

Fidelity Life reports record performance in its 34th year of operation.

Fidelity Life, the largest wholly New Zealand owned life company, has reported a record $13.1 million profit for the year to 30 June, up 77% on the $7.4 million record reported last year.

Total assets grew 26% to $320 million, and the company's sustained growth is also reflected in a 11% increase in premiums in-force to $85 million. New business sales grew 36%.

Chief Executive Officer Milton Jennings says the "excellent investment returns underpinned the result. This combined with the strong growth in new business, meant that this year was a stellar one for the company".

The company has continued to improve in market share and also enjoys an A- (Excellent) rating with the leading international rating agency A.M. Best. Its investment portfolio results are also highly rated as 4-star by Morningstar rating agency.

The company is also committed to sustainable business practices and continues to rank in the top quarter of employers surveyed in the most recent Unlimited Magazine Best Places to Work Survey. Staff, advisers and suppliers have also helped raise over $170,000 for the Leukaemia & Blood Foundation through a variety of initiatives.

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