CBA completes Sovereign sale to AIA
09 July 2018
Commonwealth Bank has completed the sale of its wholly owned New Zealand insurer Sovereign to AIA Group for $1.27 billion…
Life Insurance
MLC appoints new underwriting head
09 July 2018
MLC Life has appointed Mick Jones as Head of Underwriting…
Income protection dragging down life product risk
02 July 2018
Life insurers’ product risk has been undermined by the continued poor performance in income protection, according to S&P Global Ratings’ annual sector outlook report…
Regulator takes AMP to court over ‘churning’
02 July 2018
The Australian Securities and Investments Commission has begun a civil action against AMP Financial Planning for alleged insurance policy churning…
Dover’s McMaster to ‘remove himself’ from industry
02 July 2018
The Australian Securities and Investments Commission says Dover Financial Advisers director Terry McMaster has agreed to “remove himself permanently” from the industry…
ASIC bans adviser over group cover failings
02 July 2018
Former Ipac adviser Graeme Cowper has been banned from providing financial advice for four years…
Digital shift ‘leaving traditional life insurers behind’
02 July 2018
Traditional life insurers face a slowdown as insurtech competitors and buyer reluctance take a toll, according to a paper from Deloitte…
AIA echoes KPMG on opt-in group cover
02 July 2018
AIA Australia has welcomed a KPMG paper on proposed opt-in arrangements for insurance in superannuation, saying the budget changes will fail to address eroding account balances…
Young planners seek greater digital engagement
02 July 2018
Almost 90% of financial planners want to use a wider range of digital channels to reach clients, a survey by market researcher Investment Trends reveals…
MLC reshapes adviser support program
02 July 2018
MLC Life is helping financial advisers improve their client communication skills by revamping an advice-support model it set up last year…
FPA names Gwen Fletcher award winner
02 July 2018
The Financial Planning Association has announced Erica Cummins of Graham Wealth in Swan Hill, Victoria, as the latest winner of the Gwen Fletcher Memorial Award…
TAL sets adviser roadshows dates
02 July 2018
TAL will hold 19 adviser roadshows in capital cities and regional towns starting next month…
KPMG flags coverage, premium slump under opt-in rules
25 June 2018
Making insurance in superannuation an opt-in arrangement for members aged under 25 or with low-balance or inactive accounts will lead to a 50% drop in group cover and a 42% drop in premium, KPMG says…
BT ends grandfathered commissions
25 June 2018
BT Financial Group advisers will no longer receive commissions for financial products sold before the Future of Financial Advice reforms…
AMP tops industry profit list
25 June 2018
AMP is the most profitable life insurer, with an after-tax net profit of $565 million last year, followed by Challenger on $445 million, according to Australian Prudential Regulation Authority data…
NZ life insurers face conduct review
25 June 2018
The Reserve Bank of New Zealand and the Financial Markets Authority are to start assessing the conduct and culture of 15 major life insurers…
Murray takes reins as AMP Chairman
25 June 2018
David Murray has pledged to rebuild AMP and restore trust after taking over as Chairman, replacing former IAG CEO Mike Wilkins…
Marsh tells employers to look beyond super
25 June 2018
Broker Marsh has urged employers to reduce their reliance on insurance within superannuation and ensure all their workers are covered by life and total and permanent disability benefits…
Regulators start final phase of pilot claims data collection
25 June 2018
Regulators have issued the reporting template for the third and final round of pilot collection of life claims and disputes data…
MetLife recruits ex-Suncorp manager
25 June 2018
Former Suncorp executive Gerard McDermott has joined MetLife Australia as Chief Strategy and Customer Officer…