Lumely sale due soon
The sale of Lumley’s insurance business is expected to be completed before the end of June.
Thursday, May 29th 2003, 11:52PM
The sale of Lumley’s insurance business is expected to be completed before the end of June,
Good Returns understands, and an announcement could be made as early as next week.
The sale will be good for the company, good for Lumley and good for brokers, a source says.
Last November the United Kingdom-based owners of the Lumley business announced that they were putting their Australasian business, which includes life as well as general insurance, on the market.
The sale decision was made after Lumley had received approaches from several potential buyers. Also Lumley’s owners wanted to diversify their investment profile.
Despite a challenging economic climate the Lumley Group in Australasia has been doing well. The shareholders say that the year to June 30 turnover topped A$1 billion and trading profit was up 22% compared to the previous year.
"Current market conditions are highly favourable and significant further revenue and profit growth is expected this year," the company says.
Lumley Life is a small player in the New Zealand market. However, Lumley Life in Australia recently won the inaugural Money Management/Dexx&r risk company of the year Award.
It was awarded top prize because of its strong product suite.
“Lumley has highly competitive products across the range – that’s what gets it the award,” Dexx&r managing director Mark Kachor says.
“The products have a wide range of features and are competitively priced.”
Commenting is closed
