Freedom Insurance misses reporting deadline

Freedom Insurance Group has failed to file FY19 interim results and its shares remain suspended.

The embattled firm provided an update on its financial position to the ASX overnight, stating it is "unable to provide an accurate estimate of when the review will be completed."

Freedom explained it is still in discussions with key stakeholders regarding its financial position and unable to currently update the market about the progress.

Consequently, the lodgement of Appendix 4D for 31 December 2018 will be delayed, it said.

Freedom requested a trading halt on February 5 based on a "pending announcement providing a material update on the financial position of Freedom and its subsidiaries."

Freedom announced last December it will overhaul its business model and stop selling life insurance products and is likely to face a liquidity crisis.

In the same month, Bank of Queensland backed out of its agreement with Freedom to sell St Andrew's Insurance, a provider of general, life and credit insurance.

It was agreed at the time the reinsurance agreement will provide $35 million of funding, while the balance combines $10 million cash and $20 million in new debt.

Freedom shares remain suspended at 2 cents per share.

Read more: Freedom Insurance GroupASXBank of Queensland
Link to something wB5jBEae