Partnership profits up but regulatory change hits sales

Enhanced annuity provider Partnership has reported a 24% increase in group pre-tax profits of £83m for 2013, up from £67m the previous year but new business was down year-on-year, latest results show.

However, new business premiums were down 3% to £1.22bn, in 2012 they stood at £1.26bn . It said total new business was flat at £1.1bn and the external non-standard annuity market was down 18%. It said the react of regulatory reforms - most notably the gender directive in late 2012 - meant customers had rushed to buy products the previous year. The firm, which listed last June, said its total operating profit stood at £131m, up 17% from 2012 and reported new business operating profit of £86m with margins of 7%. This was up from 6% at the half year mark, annual results show. The com...