Life Insurance News
New Trustmark for Life Insurance Products and Services
31/08/2010
A new Trustmark standard is to be introduced next year for financial products and services, intended to act as a quality indicator for consumers. This initiative has been created by the Financial Services Council (previously IFSA), and was announced to delegates last week at the Councils’ annual Conference in Melbourne.
The FSC Trustmark is to be applied to a range of qualifying financial products and services across life insurance, superannuation, and investments.
|
|
|
|
ANZ announces OnePath brand to replace ING Insurance
05/08/2010
ANZ today announced that OnePath™ would replace ING as the name and brand for its specialist funds management and life insurance businesses in Australia and New Zealand.
ANZ CEO Australia Philip Chronican said: “ANZ has a clear aspiration to grow more aggressively in the large and rapidly expanding wealth market.
“Following the move to full ownership of the ANZ-ING joint ventures in November 2009, we are now putting in place the building blocks to deliver more distinctive and integrated propositions to our customers and to support the growth of our Wealth businesses.
|
|
|
|
TOWER Insurance Tops $1B in In-force Life Insurance Premiums
04/08/2010
TOWER is one of only four life companies in this industry to achieve this milestone and whilst one of four, this achievement is even more significant given that TOWER is the first and only specialist life insurance provider to have achieved this result.
TOWER Insurance Australia continues to grow in the Australian life insurance market with its in-force premium levels now topping $1 billion. The company achieved the benchmark in the June 2010 quarter.
|
|
|
|
Bank of Queensland completes purchase of St Andrews Life Insurance
04/08/2010
Bank of Queensland (BOQ) has completed the purchase of St Andrew’s Insurance (Australia) Pty Ltd and St Andrew’s Life Insurance Pty Ltd. The purchase price was $45 million, subject to post-completion adjustments.
BOQ Managing Director David Liddy said the purchase was a ‘capital-lite’ acquisition, requiring capital equivalent to less than half a year of organic growth.
|
|
|
|
Compare life insurance quotes & save thousands
22/07/2010
It’s true that the direct life insurance market has grown over the past year. We’ve all seen and heard the advertisements on TV and over the radio. However what many people may not realize, is that these ‘off-the-shelf’, or direct life insurance policies, are often far more expensive compared to life insurance policies underwritten to take into account your medical history.
So why are so many Australians choosing direct life insurance instead of selecting a life insurance policy underwritten specifically for their needs?
xLife Director, Russell Cain, believes it all comes down to education.
|
|
|
|
Life insurance premiums reduced by 20%
28/05/2010
Asteron issued the first life insurance policy in Australia in 1833 (formerly Australian Assurance), and has now come out with another industry first, launching a new policy benefit called the ‘Healthy Plus Option’ which rewards healthy Australians by reducing their life insurance premiums by 20%.
The 20% discount applies immediately after policy acceptance, and is lowered by 1% each year, to a minimum of 10% over the life of the policy.
However the client is also given the choice of refreshing their policy discount by completing their qualification tests again to re-qualify for the full 20% discount.
|
|
|
|
MLC Insurance launches income protection insurance for high income earners
27/05/2010
MLC Insurance has launched an income protection insurance product for high income earners, such as medical practitioners, legal practitioners and high earning executives (surgeons, doctors, solicitors).
The new level of benefit provides certainty for high income earners in the event that they are unable to work for a period of time as a result of sickness or accident.
The new income protection insurance monthly benefit offers clients the ability to protect their income up to $60,000 per month on an agreed value basis. However you will need to show at least two years of financial evidence to justify this monthly benefit.
|
|
|
|
Macquarie set to launch new all-in-one life insurance policy
20/05/2010
Macquarie Insurance is set to launch a new type of life insurance product this month.
The new product will be the first of its kind in Australia, rolling life insurance, trauma insurance, and TPD insurance into one product.
Labelled ‘Macquarie Life Active’, the all-in-one product will also give you the option of adding on income protection insurance or child cover.
Unlike other types of life insurance policies in Australia, benefit payments under the new Macquarie Insurance product will be graded based on the seriousness of the claim condition or event. So the more serious the event is, the larger the benefit payment. Even if a health event is not specifically mentioned you may still be covered under this policy.
|
|
|
|
AXA Insurance to introduce blended life insurance premiums
3/05/2010
AXA Insurance Australia is planning to introduce a blended premium option to its term life insurance, total and permanent disablement insurance, and trauma insurance offerings.
The new blended premium option is being introduced in April 2010 and is designed to give individuals more choice as to how they pay for their risk cover, as well as to help customer retention rates.
This will make AXA Insurance the second life insurance company to offer this option following AIA Insurance’s lead in this style of life insurance premium.
|
|
|
|
Life insurance adviser reaches BRWs top 100 in Australia
xLife is a BRW 2010 Fast Starter.
3/05/2010
The 2010 BRW Fast Starters are richer, faster growing and have higher turnover and more confidence about their success than ever before. xLife is proud to have become a BRW 2010 Fast Starter.
xLife is based in North Sydney, Australia and offers an online comparison service for term life insurance, income protection insurance and trauma insurance. xLife also offers a superannuation advice service for those seeking limited or full financial advice.
|
|
|
|
ANZ to commence ING rebranding
19/04/2010
ANZ Banking Group Ltd has announced it will be commencing a new and separate brand identity for its $50 billion wealth management business ING Australia, The Herald Sun reported.
The lender undertook the rebranding process due to requirements to drop the ING brand by the end of August, under the terms of its buyout deal negotiated with ING Group last September.
|
|
|
|
Top Business Wins Life Insurance Companys Award
9/04/2010
xLife was declared 2009’s fastest growing business by TOWER insurance Australia on 31st March. The award was announced during TOWER Insurance Australia’s 2010 Partner’s Forum in front of hundreds at the Annual Business Awards. xLife won the “Highest Growth Inforce” Award, beating a number of top financial advisors in Australia.
Mr Russell Cain, Director of xLife said “We are very proud to have won this award. As an up and coming business it’s very satisfying to know that we are being recognised for our growth.”
|
|
|
|
MMC Contrarian to Acquire MBF Life Insurance for 195 million
9/04/2010
MMC Contrarian Limited (MMC) (ASX: MMA) has signed agreements to acquire Bupa Australia’s Life Insurance business (MBF Life) and Wealth Management business (ClearView Retirement Solutions) for $195 million.
As part of the transaction, MMC has entered into an exclusive alliance with Bupa Australia to market its life insurance and wealth management products to Bupa Australia’s 2.9 million private health insurance customers for a period of 10 years.
|
|
|
|
Australia Enhances Rules Governing Life Insurance Companies
26/03/2010
The Australian Prudential Regulation Authority (APRA) has released final prudential standards on enhancements to the prudential framework for life insurance companies.
Legislation was passed in 2009 that gave APRA power to regulate non-operating holding companies (NOHCs) of life insurance companies, including the power to determine prudential standards for life NOHCs. APRA will apply to these NOHCs the same governance and fit and proper standards that currently apply to NOHCs of authorised deposit-taking institutions (ADIs) and general insurers.
|
|
|
|
Most Australians lack life insurance and are shockingly underinsured
18/03/2010
Recent research commissioned by the Investment and Financial Services Association into the underinsurance of Australians. The research was released on 2 March 2010, saying that 95 per cent of families do not have adequate insurance. This research also found that "the typical Australian family will lose 50 per cent or more of their income following the serious illness, injury or loss of one parent, as a result of underinsurance".
|
|
|
|
AIG to Sell AIA to Prudential
4/03/2010
American International Group, Inc. (AIG Insurance) (NYSE: AIG) announced today a definitive agreement for the sale of the AIA Insurance Group, Limited (AIA), one of the world's largest pan-Asian life insurance companies, to Prudential plc for approximately $35.5 billion, including approximately $25 billion in cash, $8.5 billion in face value of equity and equity-linked securities, and $2.0 billion in face value of preferred stock of Prudential, subject to closing adjustments.
|
|
|
|
Life insurance consolidation will affect Aussies
19/02/2010
TOWER Insurance Australia has warned that Australians will suffer higher product margins and limited products if the life insurance industry continues to consolidate.
“In terms of increased life market consolidation, we see major consumer concern impacts around consolidation and believe the ACCC and Government should look at this closely. We do not believe this is in the best interests of Australians as consumers.” said Mr Minto, Tower’s Managing Director.
|
|
|
|
AXA agrees sale to NAB
17/12/2009
NAB today announced that it has agreed certain key terms with AXA Asia Pacific (“AXA AP”) for NAB to acquire AXA AP’s Australian and New Zealand businesses.
AXA AP’s independent directors will recommend to shareholders that they accept NAB’s proposal (the “Proposal”) to acquire all of the shares in AXA AP on terms that value the Australian and New Zealand businesses at A$4.6 billion.
|
|
|
|
NAB acquires Aviva Australias wealth management business
22/06/2009
National Australia Bank has agreed to purchase Aviva Australia Holdings' wealth management business including its life insurance operations and investment platform, Navigator, for $825 million.
The acquisition is expected to be earnings per share and return on equity accretive in the first full year following acquisition (excluding estimated integration costs). Prior to completion Aviva Australia Holdings will pay a $40 million dividend.
