Partners closes Blackstone deal
Partners Life says the investment from Blackstone Tactical Opportunities has closed successfully. The transaction, first announced in May, was subject to regulatory approvals, which have now been granted.
Monday, September 12th 2016, 9:05AM
The New York-headquartered Blackstone is listed on the New York Stock Exchange and is one of the world’s largest asset managers with more than $500 billion (US$344 billion) in assets under management. Its substantial capital investment in Partners Life equates to a significant minority shareholding in the company.
Partners Life managing director Naomi Ballantyne said the capital injection would underpin Partners Life’s growth plans for the near future. “This investment satisfies Partners medium term capital requirements, without further need to go back to equity markets.”
In the year to March 31 Partners reported a 36% increase in annual premium income, a 28% increase in the book of in-force annual premium income (API) and a 25% increase in the number of lives insured by Partners Life.
"The most impressive number was our underlying insurance profit, which grew by 342% to $12.6 million," Partners Life chief financial officer Sean Kam said.
Partners Life has close to 130,000 customers.
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