ANZIIF reports profit for 2008
The Australia and NZ Institute of Insurance and Finance (ANZIIF) has announced an operating surplus of $251,000 for 2008.
So why did the London-based Chartered Insurance Institute call off a merger late last year on the grounds that ANZIIF had “dramatically” falling revenues and was heading for a loss?
We don’t know and ANZIIF declined to supply an answer when insuranceNEWS.com.au asked. In fact, CEO Joan Fitzpatrick is remarkably upbeat.
She says ANZIIF enjoyed a 1.25% growth in membership last year – down from 4% in 2007.
“Given the shrinking size of the industry we are pleased to be able to report continued membership growth,” she said. “Retention and growth is tracking upwards this year as well, which is pleasing given current market conditions.”
Ms Fitzpatrick is cautiously optimistic about business growth and profitability in 2009 and beyond, thanks to ANZIIF’s education and professional development customer base, industry support and robust business plans.
“Internationally, our presence in Asia will expand with continued growth in China, Hong Kong and Vietnam and new business partnerships in Indonesia, Korea, and Saudi Arabia,” she said.
“The so called ‘new world’ markets of India and China are set to change the world as we know it in terms of the insurance industry by value, concentration and scale in the next decade.”
So why did the London-based Chartered Insurance Institute call off a merger late last year on the grounds that ANZIIF had “dramatically” falling revenues and was heading for a loss?
We don’t know and ANZIIF declined to supply an answer when insuranceNEWS.com.au asked. In fact, CEO Joan Fitzpatrick is remarkably upbeat.
She says ANZIIF enjoyed a 1.25% growth in membership last year – down from 4% in 2007.
“Given the shrinking size of the industry we are pleased to be able to report continued membership growth,” she said. “Retention and growth is tracking upwards this year as well, which is pleasing given current market conditions.”
Ms Fitzpatrick is cautiously optimistic about business growth and profitability in 2009 and beyond, thanks to ANZIIF’s education and professional development customer base, industry support and robust business plans.
“Internationally, our presence in Asia will expand with continued growth in China, Hong Kong and Vietnam and new business partnerships in Indonesia, Korea, and Saudi Arabia,” she said.
“The so called ‘new world’ markets of India and China are set to change the world as we know it in terms of the insurance industry by value, concentration and scale in the next decade.”