09 May 2022
Cigna New Zealand (Cigna)’s latest financial results show a 12% increase in net premium revenue, underpinned by a 22% increase in sales and a net assets position of $798m at the end of 2021.
Gail Costa, Cigna New Zealand Chief Executive Officer says: “overall life insurance industry sales grew by 13%, but Cigna’s grew by 22%. This confirms that we’re one of the country’s fastest growing life insurers.”
“As well as protecting more new customers, our revenue growth was underpinned by a focus on retention.”
The company’s underlying profit after tax was $97 million up by 25% from $78.3 million in 2020.
While the overall earnings result showed a shortfall of $4 million, this was largely driven by rising interest rates throughout 2021.
“Despite the wider global economic uncertainty, this year’s financials tell a story of strong underlying activity for the year. Cigna maintains a strong credit rating, and reported a solvency margin of $93.6m as at December 2021.”
The results also show Cigna paid out $114.7m in claims last year.
“Most pleasingly, we accepted more than 93% of those claims. This really demonstrates our commitment to finding solutions for our customers in their time of need,” says Gail.
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