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ANZ To Rebrand ING Joint Venture Fully Acquired Last Year
Australian banking major ANZ is rebranding its ING wealth management and life insurance business as OnePath, the brand name of its own organically built specialist find management and life insurance business.
Phil Chronican of ANZ says the lender is establishing a more diverse set of options for its customers, after buying out joint venture partner ING in November last year.
“We’ve established a new organisational structure for our wealth group that provides better coordination of our wealth offerings,” Mr Chronican said in a statement to the Australian Securities Exchange (ASX).
“The introduction of the OnePath name and brand is another important element in our growth strategy. It recognises that successful wealth businesses need to be positioned and operate as specialists with capabilities that support the particular needs of customers and intermediaries.”
Mr. Chronican added that the rebranding would allow ANZ more flexibility to chase regional growth in markets where ING operates its own operation, and in which ANZ would not be able to use the ING brand.
ANZ which has the license to use the ING brand until November this year said that the OnePath brand would be officially launched later in the year.
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Suncorp Seeks To Double Life Insurance Business In Three Years
Banc-assurance group Suncorp-Metway is seeking to more than double the size of its current life insurance business over the next three years, as it expands its presence in direct sale and financial planning markets.
Geoff Summerhayes, chief executive of Suncorp Life says the insurer has managed to expand its presence in the independent financial advisory market, mainly through its Asteron brand.
Whilst building the brand, the Brisbane based insurer also began building a direct distribution platform and selling general insurance under the Suncorp, APIA and GIO brands.
“Our strategy is clear, we are on track and have made excellent progress.” Mr. Summerhayes said in a speech on Wednesday.
Suncorp has embarked on a strategy of revitalising the company by positioning itself as a multi brand financial services provider that offers banking, wealth management, life and general insurance, and has specifically targeted growth in the life insurance segment.
Mr Summerhayes said the division aimed to grow in-force premium by double digits on average over the next three years while aiming also to reduce costs.
Suncorp is also seeking to improve its claims experience by largely making improvements to the process.
Mr Summerhayes said the life insurance market had exceptional potential with double digit industry growth from the current $8.1 billion of in-force premiums.
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Get Piece Of Mind Buying Suncorp Family Protect Life Insurance
Have you thought yet about what would become of your loved ones if the worst happened to you? Do you think they could cope financially should you become terminally ill or worse die.
It’s easy to obtain piece of mind simply by buying a Suncorp life insurance policy which provides guaranteed acceptance for up to $400,000 of Suncorp Family Protect Life Insurance cover.
If you buy a Family Protect Life Insurance policy today, you will also be eligible to receive a further bonus of $50,000 in accidental death cover (limited time offer).
Family Protect Life Insurance is very simple to understand, it pays out a lump sum of money to your family should the worst ever happen to you.
Buying a Suncorp life insurance policy is surprisingly easy, and can be done in less than six and a half minutes, and costs just a few dollars a week, and if you apply online, you can get up to 10 per cent discount.
- Life insurance that’s easy and affordable.
- Peace of mind from just $2.701 a week
- Save 10%† if you apply online.
- Choose a lump sum payment up to $400,000
- Guaranteed acceptance3 – no medical tests to apply
Click Here To Apply For Suncorp Family Protect Life Insurance
Plan Emerges To Break Up The Prudential
The largest shareholder of insurance giant The Prudential, unhappy with the company’s plan to acquire AIG’s Asian life insurance business AIA for US$35.5 billion, is seeking to orchestrate a breakup of the company as an alternative to acquisition.
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Super Fund Industry Rails Against New Government Proposals- AGAIN
Once again, the superannuation sector is resisting government proposals that would change the industry, and is strongly dissenting against any move towards a compulsory government annuity scheme, in which retired investors can hand either all or part of their superannuation and receive an annual income.
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AMP May Walk Away From AXA APH Deal
Australian wealth manager AMP is likely to walk away from the battle to acquire AXA Asia Pacific Holdings (APH), if the competition regulator decides the clear the way for NAB’s rival bid to acquire the company, The Australian is reporting citing an unnamed source familiar with the deal.
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S&P Downgrades AXA SA
Global credit ratings agency Standard & Poor’s (S&P) says it has lowered its rating on French insurer AXA SA’s core operating entities, and says it will not be likely that the insurance giant will see a recovery in capital adequacy that will support its previous rating within the next couple of years.
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Do You Have Enough Life Insurance Cover?
Fact: Only 4% of Australian families who have dependent children have adequate life insurance.
Whilst most Australians who work have some kind of life insurance included as part of their superannuation, more often than not, this may be inadequate to cover those that depend on them, in the event the worst happens.
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Competition Regulator Voices Concern Over NAB AXA Bid
The competition regulator says it is more concerned with the proposed takeover of AXA Asia Pacific Holdings by National Australia Bank, than it was by the original bid tabled by AMP.
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Four Ways To Save Big In 2010
So your new year’s resolution is to save big in 2010, and the age old adage of count your penny’s and the pounds will take care of themselves is as true today as when the proverb was first written. However that doesn’t mean to say you should focus entirely on making small savings, there are a number of ways you can really save big and add to your bank balance, making sure that next Christmas won’t be about belt tightening, but belt loosening.
Here are four ways to save big in 2010.
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