Partnership Assurance hit by market slowdown

PARTNERSHIP Assurance yesterday suffered a seven per cent fall in its share price – after saying growth in its the size of its key market would miss its in-house target for 2013.

This was the biggest share price drop since the company went public in June.

Chief executive Steve Groves said the market for its core business, which involves selling more generous annuities to people with reduced life expectancies, such as smokers and those with heart conditions, would fail to meet the “medium term expectation”.

He said the company had seen a decline in premiums written during the first half of 2013 but was confident business would pick up in the second half.

Partnership is still on track to join the FTSE 250 when the index hold its quarterly review next month.