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Tax incentives for health insurance, ASX considers listing funds, S&P gives its view on NZ and ASG signs up ANZ

Sunday, March 25th 2001, 10:42PM

The health insurance sector is putting out a report later this week that is likely to favour tax incentives for premiums.

The report, written by NZ Institute of Economic Research for the Health Funds Association, is understood to argue that New Zealand should adopt an approach similar to that used in Australia.

While such a move would be positive for the health insurance industry, there are fears that some players will exit the market following a High Court decision last week that allows Southern Cross to retain ownership of all Aetna's policies.

ASX considers listing managed funds


The Australian Stock Exchange (ASX) is considering listing all mainstream managed funds on its exchange.
The aim of the proposal is to make transactions of managed funds more accessible, reduce management expense ratios (MER) and to make the use of a broker in some form mandatory.
A spokesman for the exchange says the idea is still in its early stages. However, the ASX has had discussions with fund managers and financial planners.

Planners are likely to suffer if this scenario eventuates as they will be pitted directly against sharebrokers, and they would lose potential revenue from the buy/sell spread and changes to trail commissions.

S&P says things OK
The New Zealand financial services sector is "generally sound" despite increasingly challenging operating conditions, ratings agency Standard and Poors says.

"Current indications are that the outlook for the banking and non-life insurance industries are slightly better than for the life insurance industry," S&P finance director Gavin Gunning says.

He says the balance sheet strength of companies in the life insurance sector is decreasing as more emphasis is placed on shareholder returns.

"The outlook for the industry is pressured by low growth opportunities, an unsupportive tax regime, reducing operating margins, and pressure for balance sheet efficiency," he says.

ASG takes on ANZ
The ASG Scholarships Group has appointed ANZ Banking Group (New Zealand) Limited to be a second investment fund manager for the pooled funds of its New Zealand members.

ANZ joins WestpacTrust as a fund manager for ASG in New Zealand.

ASG – the Australian Scholarships Group Friendly Society Limited established separate funds for New Zealand members in 1995. Four years earlier, ASG became the first friendly society to issue a prospectus for its scholarship programmes for New Zealanders.

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Lender Flt 1yr 2yr 3yr
AMP Home Loans 7.24 5.99 6.39 6.65
AMP Home Loans $200k+ 7.14 5.89 6.29 6.55
AMP Home Loans LVR <80% - - 5.85 6.29
ANZ 6.74 6.05 6.49 6.65
ANZ LVR > 90 6.74 6.55 6.99 7.15
ANZ Special - - 5.99 -
ASB Bank 6.75 6.09 6.40 6.65
ASB Bank Special - - 5.99 6.19
BankDirect 6.75 6.09 6.99 6.65
BankDirect Special - - 5.99 6.19
BNZ - Classic - - 5.99 ▼6.19
Lender Flt 1yr 2yr 3yr
BNZ - GlobalPlus 6.74 5.99 6.39 6.59
BNZ - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Std, FlyBuys 6.74 5.99 6.39 6.59
BNZ - TotalMoney 6.74 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 5.90 6.50 -
Credit Union North 6.45 - - -
Credit Union South 5.75 - - -
eMortgage 6.04 6.15 6.69 7.19
Finance Direct 6.10 6.45 6.69 7.10
Lender Flt 1yr 2yr 3yr
First Credit Union 6.45 - - -
General Finance 5.95 6.25 6.50 7.10
HBS Bank 6.15 5.85 5.99 6.25
HBS Special - - - 5.95
Heartland 6.45 6.75 7.00 7.60
Heretaunga Building Society ▲6.70 ▲6.00 6.50 -
Housing NZ Corp 6.74 5.99 6.19 6.60
HSBC Premier 6.84 5.95 5.95 6.55
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 6.75 5.99 6.39 -
Lender Flt 1yr 2yr 3yr
Kiwibank ▲6.65 5.99 6.39 6.65
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset ▲6.55 - - -
Kiwibank LVR > 80% - - ▼5.89 -
Liberty 5.64 - - -
Napier Building Society 5.80 6.00 6.70 -
Nelson Building Society 6.95 6.15 6.60 -
NZ Home Loans 6.85 6.09 6.40 6.65
Perpetual Trust 7.70 - - -
RESIMAC LVR < 80% 6.59 6.35 6.58 6.77
RESIMAC LVR < 85% - - - -
Lender Flt 1yr 2yr 3yr
RESIMAC LVR < 90% - - - -
RESIMAC LW DOC - - - -
SBS Bank 6.15 5.85 5.99 6.25
SBS Bank Special - - - 5.95
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 6.09 6.40 6.65
Sovereign Special - - - 6.19
The Co-operative Bank 6.70 6.00 6.00 6.25
TSB Bank 6.74 6.00 6.19 6.60
TSB Special - - ▼5.79 -
Wairarapa Building Society 6.20 5.75 5.95 -
Lender Flt 1yr 2yr 3yr
Westpac 6.59 6.09 6.39 6.65
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.59 - - -
Westpac Special - - 5.99 6.19
Median 6.70 6.03 6.39 6.60

Last updated: 1 September 2014 9:03am

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