LICG puts commission reform burden at $1.8 billion
27 February 2017
The extra cost of the Life Insurance Framework legislation to consumers and advisers will be $1.8 billion a year, according to the Life Insurance Customer Group…
Life Insurance
Australian business helps AIA deliver strong result
27 February 2017
The value of new business from AIA Group’s “other markets” region, which includes Australia, grew 10% to $US321 million in the year to November 30…
NZ proposes best-interests duty, adviser code
27 February 2017
The New Zealand Government will expect financial advisers to act in clients’ best interests and introduce a code of conduct under proposed new legislation…
ClearView reports life profit, inforce premium gains
27 February 2017
ClearView Wealth has reported a 5% rise in life insurance after-tax profit to $12.7 million for the six months to December 31…
Freedom delivers strong first half
27 February 2017
Freedom Insurance has reported a 78% rise in inforce premium to $89.7 million for the six months to December 31…
AFA urges inquiry to look beyond commission issues
27 February 2017
The Association of Financial Advisers wants a parliamentary joint committee’s inquiry into the life insurance industry to examine more than just adviser commissions…
Mortgage Choice life sales continue to grow
27 February 2017
Mortgage Choice Financial Planning insurance premiums totalled $22 million for the six months to December 31, up 27% on the corresponding period of 2015…
TAL secures access to Qantas loyalty members
27 February 2017
Qantas has picked TAL to sell life insurance products to members of its frequent flyer program…
Japanese life insurers turn to global bonds
27 February 2017
Japanese life insurers are steadily but cautiously increasing their exposure to foreign bonds, Fitch Ratings says…
Customer satisfaction drops amid bad publicity
20 February 2017
Policyholders’ satisfaction with life insurance fell to 67.4% last year from 68.8% in 2015, according to a new Roy Morgan single source survey…
Industry profits dive as disability cover expenses soar
20 February 2017
The life insurance industry recorded an after-tax profit of $2.3 billion last year, falling dramatically from $3.1 billion in 2015, according to the latest Australian Prudential Regulation Authority data…
Consumers ‘will pay more’ under commission reforms
20 February 2017
Life insurance industry reforms will cost consumers as trails increase due to policy longevity, comparator Rate Detective CEO Damon Rasheed warns…
Commission framework ‘makes life sales unviable’
20 February 2017
A life insurance adviser could receive $1200 less for delivering a typical service under proposed new commission rules, according to financial planning practice LifeNet (WA) director Brendan Lynch…
Premium flat but CommInsure returns to profit
20 February 2017
CommInsure says life insurance inforce premium for the six-months to December 31 was flat at $1.7 billion…
APRA renews call for investment on legacy issues
20 February 2017
Life insurers can address the complexity of legacy products by investing in better systems and data management, according to the Australian Prudential Regulation Authority…
Challenger’s annuities records tumble
20 February 2017
Challenger’s annuity sales continue to rise, gaining 34% to $2.2 billion in the six months to December 31…
Poor mental health environments drive out staff
20 February 2017
A new study shows almost half of respondents have left a job due to an employer’s poor mental health environment…
Choice calls for life policy key fact sheets
20 February 2017
Choice wants key fact sheets introduced for life insurance products to help consumers understand them better…
Zurich grows sales team
20 February 2017
Zurich Financial Services Australia has expanded its national sales team through a key promotion and 11 appointments…
Advisers’ deadline for tax registration looms
20 February 2017
The Tax Practitioners Board says financial advisers are running out of time to register as tax advisers under reform transition arrangements…