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Partnership posts 9% sales increase as care sales slump

Specialist insurer Partnership Assurance has seen a 9 per cent increase in new business sales to £931.7m for the first nine months of the year, though long-term care sales have slumped 35 per cent over the same period.

New business sales for the nine months to 30 September are up from £857.6m at the same time last year.

Retirement sales are up 12 per cent from £786.7m to £884.3m, but care sales over the period fell 35 per cent from £68.6m to £44.9.

Protection sales have risen 13 per cent from £2.3m to £2.6m.

Over the three months to the end of September, new business sales rose 3 per cent from £292.5m to £300.3m.

Partnership chief executive Steve Groves says the sales figures reflect a market adapting to the RDR, but admitted it does expect its retirement sales figures to continue to increase over the next three months.

Groves says: “Looking ahead, we do not expect to see growth in our year-on-year retirement sales in Q4 given that sales in the final quarter of 2012 benefitted materially from regulatory change, in particular the introduction of gender neutral pricing.

“Despite the challenging sales environment we have maintained our focus on new business margins which, as expected, have improved against those in H1. This, together with a continuing strong performance from the in-force book, gives us confidence in our ability to deliver total operating profit in line with expectations for the full year.”

Partnership floated on the stock market in June with an offer price of 385p a share, with a market capitalisation of £1.54bn. 

In September the company confirmed it was being investigated by the FCA as part of the regulator’s inducements review.

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