Prudential shareholders to vote on takeover
31 May 2010
Prudential shareholders head to the ballot box next week to vote on a record-breaking $US35.5 billion ($41.7 billion) play for AIG’s Asian unit. However, a union of the two is far from assured…
Life Insurance
Insurance soars in Tower result
31 May 2010
NZ financial group Tower says the business is now back on track after posting a 28.8% lift in half-year profit on reduced claims and steady investment income…
Tower Australia records profit, boosts war chest
31 May 2010
Tower Australia will raise $96 million in new capital to fund new buying opportunities after the life insurance specialist booked a 5% rise in first-half net profit…
Direct life market growing strongly
31 May 2010
The number of direct life insurance products sold in Australia has increased by 27% in just two years, according to a new report by actuaries Rice Warner…
Fit customers win discount from life provider
31 May 2010
Fit and healthy customers will be rewarded with life insurance discounts of up to 20% under a new policy benefit unveiled by Suncorp subsidiary Asteron…
Planners move first to axe commissions
24 May 2010
Australia’s largest financial planning firms are moving swiftly to abolish commission payments ahead of a 2012 Federal Government deadline…
Prudential’s ambitions unclear in Australasia
24 May 2010
Global financial services giant Prudential has unveiled a record £14.5 billion ($25.05 billion) rights issue to fund its takeover of AIG’s Asian life assets, but the future of the division’s…
Smaller financial firms turn to insurance
24 May 2010
Boutique financial firms are adding risk products to their portfolios as the downturn forces planners to sow new revenue streams…
Macquarie improves life offering
24 May 2010
Macquarie Life hopes to revolutionise the Australian insurance industry with its new policy combining life, trauma and total permanent disability cover, as well as a range of additional benefits…
Aon seals life deal with mortgage broker
24 May 2010
Aon Financial Planning and Protection has signed a deal with mortgage broker Smartline to improve life risk advice for mortgage customers…
Budget boost for financial services
17 May 2010
The financial services sector has welcomed federal budget measures to improve the nation’s savings culture and advance Australia’s standing as a global investment hub…
Financial hub ambitions given Budget boost
17 May 2010
The Federal Government intends to set up a financial sector taskforce and dedicated research body as part of plans to promote Australia as a regional financial services hub…
Prudential cleared for AIG-linked rights issue
17 May 2010
Prudential has secured a last-minute deal with the UK regulator to salvage its takeover of AIG’s Asian life insurance unit…
Some advisers a ‘leech’ on consumers: actuary
17 May 2010
The Federal Government ban on advisory commissions from 2012 will prevent financial advisers being a “leech” on their clients, an actuaries’ conference heard last week…
FPA’s new chief holds the line on commissions
10 May 2010
New Financial Planning Association CEO Mark Rantall says it’s too early to consider applying the fee-for-service model to risk insurance…
AMP sits tight over Axa buyout
10 May 2010
AMP says its $13 billion bid for Axa Asia-Pacific Holdings is “far from complete”, while rival suitor National Australia Bank may challenge the competition regulator’s move to take it out…
UK regulator delays Prudential/AIA merger
10 May 2010
British insurer Prudential’s ambitious $US35.5 billion ($39.4 billion) play for AIG’s Asian life insurance unit has struck a snag after the UK Financial Services Authority blocked its…
AMP wants life offering growth
10 May 2010
Financial services provider AMP has revamped its suite of life and income protection products in a bid to assist advisers to grow their risk portfolio…
MacBank updates life offerings
10 May 2010
Macquarie Life’s product offerings have received an overhaul, which the insurer says will provide more flexibility and greater coverage…
Financial services sector backs Henry super reforms
03 May 2010
Financial services and business groups have responded favourably to the Federal Government’s tax reform agenda, singling out an increase in superannuation contributions…