Freedom Insurance Group is holding a strategic review of its business following an “initial discussion” with the Australian Securities and Investments Commission (ASIC).

The review is also in response to an ASIC report that found the industry engaged in unfair sales practices involving life and funeral covers.

“Consequently, to protect and maximise shareholder value, the board has commenced a broad-based review, which will consider matters including strategy, business structure, operating model and internal practices and procedures,” the insurer says.

“No timetable has been set for the completion of the strategic review.”