(Reuters) – Private equity-backed insurer Partnership Assurance Group saw total operating profits jump 31 percent in its first results since its June float, thanks in part to a surge in new business.
The group, which listed on June 7, reported a 16 percent rise in retirement new business premiums to 601 million pounds in the six months to end-June, boosting operating profits to 59.3 million pounds.
First half pretax profits under IFRS accounting standards dipped to 8.6 million pounds, down from 17.4 million pounds a year ago due to one-off costs incurred during its initial public offer.
Steve Groves, Group Chief Executive, said he was confident the group would achieve further growth in its core retirement annuity markets, and that the group was on course to meet full-year profit expectations.
“We have achieved profitable growth, significantly ahead of a market temporarily disrupted by the introduction of the Retail Distribution Review and the EU gender directive, whilst maintaining our pricing discipline,” he said in a statement.