Sold: AMP exits life insurance after 170 years
06 July 2020
The $3 billion sale of AMP’s life insurance business to Resolution Life is complete...
Life Insurance
ASIC cancels licence of insolvent financial advice firm
06 July 2020
The Australian Securities and Investments Commission has cancelled the licence of MyPlanner Professional Services, a Queensland-based financial services provider that is in liquidation...
Managed funds hit by virus chaos
06 July 2020
Funds under management in both the wholesale and retail markets fell sharply in the March quarter, as the virus pandemic soured investor mood, according to data from actuaries and researchers Plan for Life...
BT customers embrace tele-claims
06 July 2020
More than half of life insurance claims made by retail customers are now lodged over the phone, Westpac-owned wealth manager BT says...
ClearView gets new chairman, director
06 July 2020
The board of ClearView Wealth has appointed Geoff Black as its new chairman and Jennifer Lyon as director...
Jennifer Mogg joins AMP adviser association board
06 July 2020
Jennifer Mogg has been appointed to the board of The Advisers Association, which was created with a name change after AMP Financial Planners Association merged with Hillross Advisers Association...
Life industry slammed over ‘tick a box’ code compliance
29 June 2020
Life insurers have come under fire for not taking their industry code of practice seriously, with the compliance committee reminding the industry that "self-regulation is a privilege, not a right"...
Life sale gives AMP clean slate to rebuild: analysts
29 June 2020
AMP will complete the $3 billion sale of its life business tomorrow, marking the end of an era for the once dominant player in the Australian and New Zealand income protection sector...
Financial advice to be scrutinised at parliamentary hearing on Tuesday
29 June 2020
The financial advice sector will come under scrutiny at a House of Representatives Standing Committee on Economics hearing tomorrow as part of an ongoing review of financial institutions...
Too long: AMP pays for taking 34 months to assess claim
29 June 2020
The Australian Financial Complaints Authority has ordered AMP Life to compensate a claimant $5000, the maximum allowed under its rules, for taking “far too long” to assess an income protection claim...
ASIC permanently bans Financial Circle director
29 June 2020
Melbourne man Anthony Wynd has been permanently banned from providing financial services by the Australian Securities and Investments Commission...
Munich Re digital platform targets APAC life insurers
29 June 2020
Munich Re’s insurtech arm has introduced a digital underwriting solution called Allfinanz Spark for life insurers in the Asia Pacific...
New Zealand sets March date for new advice regime
29 June 2020
New Zealand has set March 15 next year as the start date for its new financial advice regime that is designed to improve transparency and outcomes for consumers...
Zurich-backed AI project wins global honours
29 June 2020
Zurich-owned OnePath Life and the University of Technology Sydney have won global accolades for their work on an artificial intelligence (AI) project that reduces the time it takes to perform standard underwriting processes...
Life industry makes $348 million profit from super
22 June 2020
The life insurance industry made about $348 million in operating profit after tax from superannuation and $187 million from ordinary business for financial years ended in the 12 months to December last year...
Mental health claims fuel doubling of disability income payout
22 June 2020
The overall payout for disability income insurance doubled to $4.9 billion in the five years to 2018, fuelled in part by a 53% jump in benefit payment for mental health claims, according to a study by the Financial Services Council and KPMG...
Challenger seeks up to $300 million to boost capital base
22 June 2020
Challenger plans to raise up to $300 million to strengthen its life business as it looks to weather the ongoing disruption caused by the virus pandemic...
Relief for advisers as FASEA extension finally clears parliamentary hurdle
22 June 2020
Financial advisers have welcomed the passage of a Bill last week in Parliament that will give them more time to meet new qualification and examination requirements...
TAL, iSelect agree on partnership to boost life business
22 June 2020
TAL and comparator iSelect have joined forces to strengthen their life insurance offerings, the two companies have confirmed...
Risk inflows decline 3.6% to $16.2 billion
22 June 2020
Overall risk market inflows in the life industry fell 3.6% to $16.2 billion in the year to March, dragged down by declines in the individual risk lump sum and group risk product lines, according to data compiled by actuaries and researchers Plan for Life...