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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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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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

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Prudential PLC’s largest shareholder is the Capital Group, which owns as much as 12 per cent of the UK based insurer. Capital Group is thought to have approached three other UK based insurance companies, to gauge their interest level in a possible consortium bid.

According to newspaper reports, Capital Groups is said to have approached Resolution, which is a buyout group specializing in the insurance industry, as well as Aviva PLC, the UK’s second largest insurer, and bitter Prudential rival.

Should the plan to break up Prudential start to gather momentum, the deal to acquire AIA be scuppered as will the proposed US$ 21 billion rights offer.

It is believed that at least one of the other top ten investors in Prudential supports the idea.

Capital would neither confirm nor deny the talks: “Any conversations that we have with others within the industry are confidential and we would not discuss such matters in any event,” a spokesman said.

Prudential declined to comment on what it described as market speculation.

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The industry says any such measure would result in people being discouraged to save more for their retirement and would effectively act as a subsidy by the less well off for the wealthy, who tend to have longer life spans.

The Henry review of taxation, which recently released its interim report, which suggests that the government should run a mandatory scheme, which would allow Australians to pool part of their super, and would enable them to receive annual payments after retirement, which would be determined by the government.

The Henry review argues that such a scheme would mitigate against longevity risk, the risk that retired investors run out of fund in their retirement account before they die. The proposal would in effect prevent people from spending their savings to quickly.

John Brogden chief executive of the super fund industry association IFSA, quickly slammed the proposal, saying the scheme would suffer from too much complexity, it would be expensive to run, and could have a number of negative unintended consequences.

Mr. Brogden says that a uniformly priced annuity scheme operated exclusively by the government would reward people who lived longer and punish those with shorter lifespans.

“According to the Australian Bureau of Statistics, manual labourers do not live as long as office workers. So when the blue-collar and white-collar workers all put their lump sums in together, the blue-collar worker lump sum will spend its time subsidising the white-collar retiree once that blue-collar person dies.” Mr. Brogden said.

He went on to add that a mandatory government annuity program would seriously affect the level of confidence Australians had in their super, and discourage them from saving any more than the mandatory 9 per cent of their income.

“Such an annuity scheme will strongly discourage voluntary contributions into superannuation due to the harsh restrictions imposed on how those savings can be accessed in retirement,” Mr Brogden said. And he believes the temptation for the government to spend the money and then tax to get it back is high.

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The source suggests that AMP is reluctant to engage NAB in a bidding war for the target, after its initial overture was rejected by APH’s independent directors. Contrastingly NAB’s rival bid has won the backing of the same board members and APH’s French insurer parent AXA SA.

AMP has said it is considering its position and awaiting a determination from the Australian Competition & Consumer Commission (ACCC) in relation to both its bid and that of NAB.

The competition regulator’s ruling on both bids is expected to occur on April 22nd, and if the regulator fails to approve NAB’s bid or places onerous restrictions on the acquisition, has the potential to place the ball back firmly in AMP’s court.

Last month the regulator delayed delivering a verdict, and this has led to speculation that it may block any deal initiated by NAB to acquire APH. The ACCC released a statement of issues which raised a larger number of concerns over the NAB bid than the AMP bid, particularly with the aspect of retail investment platforms.

APH’s French parent AXA SA currently owns 53.9 per cent of the company, and agreed a similar deal with NAB to the one initially struck with AMP, where it agreed to sell its entire stake in the company to the acquirer, whilst simultaneously agreeing to buy back APH’s assets .

Both NAB and AMP plan to hang on to the Australian and New Zealand businesses, and an acquisition would most certainly propel the former into a dominant market position in the life insurance and wealth management sectors in the two countries.

An NAB acquisition would be the largest transaction in the Australian financial services sector, larger even than Westpac’s 2008 acquisition of St. George for $12.37 billion.

Both deals also require the blessing of Federal Treasurer Wayne Swan and minority shareholders via a vote at a scheme meeting.

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S&P lowered AXA SA’s ratings by a single notch from AA to AA-, a rating which is three notches below the highest possible S&P rating of AAA.

S&P says AXA SA’s rating is supported by its very strong competitive position.

The holding company’s rating was lowered to A, midway between AAA and junk territory.

S&P views AXA SA’s credit strength relative to its capitalisation as being weak, despite a recovery over the last few months.

S&P says the ratings outlook for AXA SA is stable and in the ratings agency’s opinion the fundamentals of the group’s business, earnings, and management strategy are likely to counterbalance the negative impact of its capitalisation on its rating.

AXA SA reported a profit during 2009 as it returned to profitability following the worst of the financial crisis, which saw its US businesses hurt its results at the end of last year.

But because of uncertainty in the financial markets, AXA said it wouldn’t adjust financial targets as laid out in its “Ambition 2012” plan.

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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.

Many Australians who do not own a life insurance policy, often have the mentality of ‘it won’t happen to me’. In the event something does happen, many will have failed to provide their family with enough life insurance cover to help them once they have gone.

It is estimated that nearly 45% of Australians are underinsured. Many Australian families are left with an average payout of just $91,000 after the death of their primary income earner.

When thinking about taking out life insurance, below are some facts you should consider:

• Over 50% of Australians are underinsured by $100,000 for life insurance.

• On average, the life insurance cover that is included in most Australian’s superannuation is 20% of what is actually needed.

• Over 81% of people say life insurance is too expensive; however 61% of people over-estimate the cost.

• The cost of raising two children at Government schools to year 12 and then 3 years of university is around $537,000.

• Australian families are critically underinsured, by approximately $1.37 trillion.

• While 83% of Australians have car insurance, only 31% insure for income protection.1

When you think about whether you need a life insurance policy, you really need to consider the people in your life who depend on you.

We all know someone who has suffered from cancer, or lost a partner and loved one suddenly or unexpectedly. These are issues that impact on our ability to earn an income and continue meeting our financial obligations while providing for the future of ourselves and our family.

It is extremely unpleasant to think about the worst case scenario and no one likes doing it, but more often than not, planning for the future is being able to deal with the curve balls that life can cruelly throw at you.

Even funerals can be a huge financial burden, coming at a time when your loved ones are suffering emotionally. The average cost of a funeral is as high as $15,000.

Having a life insurance policy lets your loved ones say goodbye in a dignified manner without having to deal with the stress of a financial burden. It lets them continue their lifestyle, helps them pay the mortgage, rent or any other monthly expense, and lets you enjoy life safe in the knowledge your family is protected.

Suncorp has a great life insurance plan, called Suncorp Family Protect Life Insurance. For as little as $2.70 a week, you can rest easy knowing your family is taken care of in the event the worst happens to you.

You can choose a lump sum payment up to $400,000, the Suncorp Family Protect Life Insurance plan pays out a lump sum of money in the event of your death or upon diagnosis of a terminal illness. The policy has Guaranteed acceptance, this means there are no medical tests required, you simply need to apply and it just takes a few minutes to arrange immediate cover  for your loved ones.

Not only that, you can save as much as ten per cent by applying on line. Of course there are lots of other insurers out there to choose from, but none that offer as quickly as Suncorp. Whatever you do, make sure you get covered today.

Chris Johnson writes to make Life Insurance easier to understand.

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The Australian Competition & Consumer Commission says it was highly concerned that the level of concentration in the retail investment sector would be damaging for regional banks

Analysts say that the statement from the regulator means that AMP could still be in the running to acquire APH, and that NAB’s acquisition attempt may not win the approval of the ACCC.

Despite voicing concerns over the NAB proposal, the regulator said a takeover of AMP by either bidder would most likely result in the further concentration of the financial planning and advice sector, which would result in less competition. The regulator said a takeover was unlikely to have much effect on the pension or life insurance markets.

The regulator is also considering how likely it is for AMP to remain an independent and effective competitor, and whether it could become a fifth pillar in the financial services industry if its bid is successful, or whether it itself will become the subject of a takeover attempt.

The ACCC said it would call for further information on competition issues related to both proposals by February 26 and hoped to make a final decision by March 17.

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Here are four ways to save big in 2010.

1. Cut The Middleman Out

Many people waste thousands of dollars in estate agent fees. The easiest way to save big this year is to cut the middleman out completely when you sell your home.
There are a ton of property websites that are already around and more coming online every day that allow you to list your property for no charge whatsoever. The sites aren’t just limited to people wanting to sell their homes, but renters can also make use of the service.

Google Property rolled out its service in Australia last year, and the search engine giant provides online property search services that allow everyone from agents to property owners alike list their property completely free, allowing potential buyers to see the exact location using Google Maps.

2. Look For Larger Retirement Income

If you haven’t started planning for retirement, and you are reading this piece, then it goes without saying that you probably know you need to start that nest egg as early as possible. Obviously in Australia it is mandatory to invest in superannuation (super) funds. But that doesn’t mean to say it ends there and it is always wise to look at additional products for the extra kicker after retirement.

When most people plan for retirement a lot of them opt for annuity products. An annuity is a guaranteed monthly income stream until death and some products are even linked to the inflation rate. What most people don’t realise is, that as much as 20 per cent can be saved just by shopping around for these products.

If you look around on the internet, there are a number of websites that enable consumers to compare different annuity products. So make sure you shop around..A 20 per cent savings can mean tens of thousands of Dollars that you gain over the lifetime of the product.

3. Get Upgrades

You can save more than $1000 just by shopping around for insurance upgrades.

According to the AAA, which reviews car insurance prices, consumers can save on average as much as $500 by shopping around instead of continuing the same policy with their current insurer.

The same can be done with almost all insurance policies you hold. Shopping around for home insurance can save hundreds of dollars. So when it comes time to renew, don’t treat the renewal as par for the course. Look around for the best deal on offer and lock in some terrific savings in 2010.

4. Cut The Petrol Bill

Going to the cheapest petrol station rather than the most convenient one, can save you as much a 7 cents per litre of petrol. If you save even half that amount per liter and drive 12,000 miles per year, that is a savings of over $500 a year, which is certainly nothing to be sniffed at.

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