Partners Life annual profit down 13% as low interest rates push up actuarial costs

Mon, 31 Jul 2017

By Paul McBeth July 31 (BusinessDesk) - Partners Life, which counts US private equity firm Blackstone as a cornerstone investor, posted a 13 percent drop in annual profit as persistently low interest rates increased the life insurer's theoretical long-term liability, while its preferred underlying earnings measure was largely flat on the year. Net profit fell to $9.7 million in the 12 months ended March 31 from $11.1 million a year earlier, according to its annual report lodged with the Companies Office. That included an $8.5 million cha...

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