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
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.
Have you thought yet about what would become of your loved ones if the worst happened to you? Do you think they would cope financially should you become terminally ill or worse.
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.
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.
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.
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.
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.
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.
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 and add to your bank balance, making sure that next Christmas won’t be about belt tightening, but belt loosening.
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