Personal Pension  

Partnership profits up 31%

Partnership reports a total operating profit of £59.3m for the first half of this year, up 31 per cent from £45.4m for the start of 2012.

However the group profit before tax was only £8.6m, down from £17.4m for the start of 2012, due to planned one-off initial public offering expenses and an increased interest expense - which was repaid in August 2013.

The IPO was completed in June 2013.

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But business levels soared with retirement new business premiums up 16 per cent to £601m and with total new business premiums up 12 per cent on the same period a year ago to £631m.

Steve Groves, group chief executive of Partnership, said: “Following our successful IPO in June 2013, I am pleased to report a strong set of results.

“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, while maintaining our pricing discipline.

“This has resulted in total operating profits up 31 per cent for the first half of 2013. I remain confident in the growth prospects for both the at-retirement and care annuity markets. We are on track to meet full year total operating profit expectations.”