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Showing 11 - 20 of 49 results for "Premium income"

APRA, ASIC publish life claims and disputes data

ANDREW MCKEAN  |  WEDNESDAY, 20 APR 2022
... reflected in the premium charged, the claims payments for these products were generally a lower percentage of the premium income. Though APRA urged caution about the use of the claims paid ratio as a measure of consumer value or product profitability. ...

Disgraced former fund manager chief declared bankrupt

JAMIE WILLIAMSON  |  TUESDAY, 21 DEC 2021
... collapsed in 2008 owing $2.5 billion. The regulator alleged senior executives misappropriated $143.5 million of Premium Income Fund investors' money to repay debts. To do so, ASIC said they falsified and backdated documents. As part of that, in 2017 ...

Future of life insurance in doubt: APRA

ELIZABETH MCARTHUR  |  FRIDAY, 17 JAN 2020
... contributing to turbulent times for the industry in 2019. "The impact of these changes will involve a reduction in premium income to life insurers who operate in the group insurance in superannuation market," APRA acknowledged. The regulator made it ...

Fee changes at industry super fund

ELIZABETH MCARTHUR  |  WEDNESDAY, 4 DEC 2019
... property will be the only option to remain the same with a total 0.26% per annum. Fees will rise slightly for the premium income option (0.04%), Australian shares (0.01%), global property (0.05%) and international shares (0.03%). Cash will also get a ...

High claims acceptance among insurers: Report

ELIZA BAVIN  |  THURSDAY, 14 NOV 2019
... associated with the policy compared to Group products. As these costs will make up a larger proportion of the overall premium income, the claims payments will be a correspondingly lower percentage." The report said insurers are not accepting as many ...

ASIC cancels AFSL, bans former executives and fund managers

JAMIE WILLIAMSON  |  TUESDAY, 30 MAY 2017
... Corporations Act. Together they misappropriated $147.5 million held by the managed investment scheme known as the Premium Income Fund (PIF) on behalf of unitholders, using the funds to pay debts owed by other related entities in the MFS Group. The MFS ...

AMP implements significant insurance changes

KERRIE SYDEE  |  FRIDAY, 28 OCT 2016
... AMP Life has executed a binding quota share agreement with Munich Re to reinsure 50% of $750 million on annual premium income of the AMP Life retail portfolio and will commence on 1 November 2016. The agreement has the potential to release up to $500 ...

Small funds winning group risk race

ALEX BURKE  |  MONDAY, 15 JUN 2015
... of the superannuation group insurance sector, the regulator recently reported a 20% annual increase in insurer premium income. Specifically, average sum insured per dollar per week has fallen 4.6% over the past 12 months for combined death and total ...

TAL sees growth in profits and payouts

ALEX BURKE  |  WEDNESDAY, 20 MAY 2015
... biggest life insurer has seen a 12% rise in underlying profit to $146.6 million in the year ended 31 March 2015. Premium income rose 21% to $2.2 billion and claims payouts reached a record high boost of 16% to $1 billion. "Our products and services have ...

REI Super extends Ibbotson consultancy mandate

MARK SMITH  |  TUESDAY, 20 JAN 2015
... closely with us to enhance our investment menu to cater to our members' evolving needs. They helped us create the Premium Income option, which provides secure income and reduced investment volatility for members entering retirement or over 55 years. ...