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2013 Celebrating Life

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2013 Celebrating Life FIDELITY LIFE ASSURANCE COMPANY LIMITED COMPANY LIFE ASSURANCE FIDELITY ANNUAL REPORT CELEBRATING LIFE ANNUAL REPORT 2013 2013 THE NEW ZEALAND LIFE COMPANY THE NEW ZEALAND LIFE COMPANY By providing insurance and savings solutions for New Zealanders, Fidelity Life helps keep Kiwi families strong today and tomorrow. STEWARDSHIP FIDELITY LISTENING We make wise and prudent use We retain our original & RESPONDING of the resources entrusted to focus to ‘keep faith’ in We engage in dialogue to us for safe keeping times of need create value through our relationships ANNUAL REPORT 2013 The information in this r eport is current as at 30 June 2013. All amounts are in New Zealand dollars, unless otherwise specified FIDELITY LIFE ANNUAL REPORT 2013 FIDELITY LIFE AnnuAl report 2013 CONTENTS 02 Significant events 03 Chairman’s report 07 Case study 09 CEO’s review 11 Claim statistics 14 Statutory and other disclosures 16 Statement of corporate governance 18 The boardroom 19 Financial statements 92 Independent Auditors’ report 94 Appointed Actuary’s review FIDELITY LIFE annua L r EporT 2013 1 THE NEW ZEALAND LIFE COMPANY of hase ele rc ctr pu on es sets ic c as sys u un ce te n o n m de n ra la r n su u w a n nc r e i h it if e e in if d l l g y r it l e e W d i o F t $ p 1 r e SIGNIFICANT EVENTS 0 m 0 x M i a u t OF THE YEAR n m f i r o e r e t i n f s t h a a c e o e t r m f f c o r e n r i s p t e t x t % i e c m 5 n e 2 e e d s 40 years since f rst policy written 2 FIDELITY LIFE annua L r EporT 2013 CHAIRMan’S REPORT IAn Br ADDoCK A MILESTONE YEAR FOR FIDELITY LIFE; 25% IMPROVEMENT IN PROFIT AFTER TAX AND THE ACQUISITION OF THE TOWER LIFE BUSINESS. on behalf of the Board of Directors I am very pleased to the transaction signals the Board’s determination to announce total comprehensive income for the year ended continue to grow the business through both strategic 30 June 2013 of $17.5m. this is a signifcant improvement acquisition and organic means. It represents an exciting on the $14.1m achieved in 2012. this has also been a opportunity for the Board, management and staff to deliver year of change for Fidelity life, as we look to cement an outcome to shareholders where the resultant combined our position as a leader in the life insurance sector. business is greater than the sum of its individual parts. Although the acquisition of the toWer life business and the Board has accepted that challenge and is working the divestment of the Fidelity KiwiSaver Scheme did not closely with senior management to ensure that this next complete until early in the 2014 fnancial year they have phase contributes to a stronger business. been a major focus for the Board and many of our staff in 2013. It is a pleasure to be able to report on the success of the full impact of the transaction will be reflected in next both transactions. year’s fnancial results; though $1.7m of costs incurred in relation to this are included in the current year’s proft. the Major Transactions transaction was funded through a combination of full risk In May 2013 the Company announced that it had reached transfer reinsurance and a payment from capital reserves. an agreement to purchase the life insurance policies of In July 2013 we announced the sale of the management TOWer Health & life limited and the Group risk business of the Fidelity KiwiSaver Scheme, 64,800 members of toWer life (n.Z.) limited. that transaction successfully and over $300 million of managed funds, to Grosvenor completed on 1 August 2013 and has made Fidelity life Financial Services Group limited (‘Grosvenor’). this the largest new Zealand owned life insurer and the transaction completed on 23 August 2013. As part of the third largest in the country. this is clearly an important deal we have taken a minority shareholding in Grosvenor milestone in the history of the Company. and will be actively working with them to build a strong relationship to beneft both organisations, advisers and all of our customers. FIDELITY LIFE annua L r EporT 2013 3 CHAIRMan’S REPORT Financial Results Dividend and Solvency the Company’s increased proft was driven by a 10% rise Despite a challenging operating environment the Company in premium income; record new business production has recorded a strong proft result for the period and of $14.8m; and a sharp increase in investment income. an improved solvency position. the Board has therefore offsetting these were higher claims; higher income authorised an ordinary base dividend of $2.42 per share, tax expense; and increases in management expenses, compared to $2.20 in 2012. However, as signalled in predominantly due to the transactions mentioned above. last year’s Annual report and in the interim results announcement in March 2013, we are unable to continue the increase in investment income was driven by strong to impute dividends in the near term. this change in policy market conditions. Investment markets benefted from the arises due to the new tax regime and the Company being growth in overseas markets, with market indices generally unable to generate imputation credits for shareholders. climbing over the period. this was tempered to some extent by the continuing strength of the new Zealand dollar. In addition to the $2.42 ordinary dividend, we will also Although the majority of our investment income is for the pay shareholders a special dividend of $0.58 per share in beneft of policyholders, and is reflected by the increase in recognition of the improved proftability and the success of policyholder funds, shareholder investments contributed the transactions we have undertaken. this special dividend $6.9m to the proft (2012: $1.5m). will also not be imputed. this means the total dividend for the year will be $3.00 gross, with 33% resident withholding there were a high number of claims experienced over the tax to be deducted from this. course of the year. of these claims a large number were for low-assured values, and therefore reduces the proportion the Board’s revised dividend policy now is to maintain real recoverable from our reinsurers. net claims increased increases in the dividend rate year on year; targeting a 10% 44% to $16.0m. per annum compound increase on the base dividend over a fve year rolling period. our ability to meet this expectation new life assurance tax rules, which came into effect in is subject to proft levels and maintaining prudent solvency 2010, reduced the level of tax relief that new Zealand margins; the Board having adopted a target solvency life assurance companies previously beneftted from. We ratio of 130%. our solvency margin as at 30 June 2013 are now in the third year of a fve year transition period, is $30.1m compared to $22.2m in 2012, in line with the which resulted in our overall tax charge increasing by Board’s objective. $3.3m in the year. tax credits attributable to shareholders decreased by $1.4m; whilst the tax expense attributable In January A.M. Best reaffrmed our A- (excellent) fnancial to policyholders increased by $1.9m, due to improved strength rating for the 17th consecutive year. As typically investment returns. It is worth noting that the Company’s happens following a major transaction this rating is proft before tax attributable to shareholders increased by currently under review. It is therefore imperative that we 46% in the year. continue to demonstrate to AM Best that Fidelity life is prudently managed and well positioned for the smooth total assets grew by 9% to $588m as investment valuations integration of the new business. improved, contributions increased and policyholder surrenders and withdrawals fell. this fgure excludes the funds under management in the Fidelity KiwiSaver Scheme. Shareholders’ funds grew from $140m to $155m, and policyholder liabilities from $281m to $308m. Shareholders’ funds as a percentage of policyholders’ funds are consistent with last year at 50%, reflecting our continued focus on risk business. continued on page 6 4 FIDELITY LIFE annua L r EporT 2013 “Believe you can and you’re halfway there.” - Theodore Roosevelt FIDELITY LIFE annua L r EporT 2013 5 CHAIRMan’S REPORT Full Insurance License Granted Acknowledgements under the Insurance (prudential Supervision) Act 2010 all I would like to express my appreciation to our policyholders, insurers carrying on insurance business in new Zealand Fidelity KiwiSaver Scheme members and to the large were required to be fully licensed and supervised by the network of fnancial advisers for their loyalty and reserve Bank of new Zealand (‘rBnZ’) by 7 September commitment to the Fidelity life brand. I would also like to 2013. on 2 August 2013 the Company was granted its full thank our other business partners including fund managers, insurance license by the rBnZ to operate as a life insurer. trustees and reinsurers that continue to support us. Insurance licencing is aimed at ensuring that insurers are adequately capitalised and prudently managed. the rBnZ In particular I would like to thank Milton Jennings for his licensing requirements are wide ranging, covering aspects effective leadership of the Company during the year. I also such as corporate governance, risk management and extend my thanks to his management team and the rest of fnancial strength.
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