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Showing 161 - 170 of 392 results for "Insurance Business"

Wealth, insurance arms hit banks' earnings

KARREN VERGARA  |  TUESDAY, 7 NOV 2017
The wealth management and insurance businesses continued to squeeze the margins of the four major banks in the full year to 2017, separate reports from EY and KPMG have found. A KPMG analysis of the major Australian banks' performance shows the insurance ...

Banks will step out of wealth: Medcraft

DARREN SNYDER  |  TUESDAY, 31 OCT 2017
Outgoing ASIC chair Greg Medcraft believes the big four banks will continue to sell wealth management arms because it's tough to restore the consumer trust repeatedly tarnished by these businesses. Speaking at a Sydney Financial Forum event yesterday ...

ANZ Wealth drags group's earnings

KARREN VERGARA  |  THURSDAY, 26 OCT 2017
... group businesses to IOOF, which is expected to finalise in the first half of FY19. The funds management and insurance business dragged the group's overall positive performance, recording $993 million in net income, down 14% on the previous corresponding ...

AIA Vitality launches charitable option

KARREN VERGARA  |  WEDNESDAY, 18 OCT 2017
AIA Australia has introduced charitable giving as part of its AIA Vitality rewards program. Under AIA Vitality's Active Benefits incentive, members have an option to donate rewards earned to one of three charities: the Black Dog Institute, Cancer Council ...

ANZ splits OnePath businesses, revamps life insurance team

KARREN VERGARA  |  TUESDAY, 17 OCT 2017
... IOOF Holdings for $975 million; and it announced several senior internal appointments in retaining its life insurance business. IOOF has agreed to take over ANZ Wealth Management comprising RI Advice, Millennium3, Financial Services Partners and Elders ...

AIA acquires CBA life insurance businesses

JAMIE WILLIAMSON  |  THURSDAY, 21 SEP 2017
The Commonwealth Bank has sold 100% of its Australian and New Zealand life insurance businesses to AIA Group for $3.8 billion. The sale of CommInsure Life and Sovereign also includes a 20-year bancassurance partnership with AIA for the provision of ...

Lack of expertise driving down competition: APRA

ALEX BURKE  |  MONDAY, 18 SEP 2017
In its submission to the Productivity Commission, APRA called out a lack of expertise and systems capabilities as hindering competition in the Australian financial sector. Noting the high levels of concentration in many financial industry sectors, measured ...

CBA class action moves forward

KARREN VERGARA  |  TUESDAY, 5 SEP 2017
... insurance-related experience and is providing valuable strategic insight to the bank undertakes a review of its life insurance business, CBA said. The bank also confirmed yesterday it will file its defence to the civil penalty proceedings initiated by ...

Improved distribution strengthens ClearView result

DARREN SNYDER  |  FRIDAY, 25 AUG 2017
ClearView leveraged its life insurance business and financial adviser relationships to expand its wealth management division in FY17, recording a 17% increase in funds under management. The wealth division now has $2.5 billion FUM with double-digit ...

Life insurers post mixed performance

KARREN VERGARA  |  WEDNESDAY, 16 AUG 2017
... of MLC insurance policies into a new super fund (MLC Super Fund) as a result of NAB selling 80% of its life insurance business under the MLC brand to Nippon Life. Consequently, life insurers generated a return on assets for the year of 9.5%, down from ...