tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Saturday, February 27th, 10:05AM

News

rss
Latest Headlines

News Round Up

St Laurence restructures, Sovereign's profit up, Sentinel goes to South Africa, Accountants welcoming and S&P gives company an R.

Monday, August 21st 2006, 6:46AM
The St Laurence group is planning a major structural change and capital injection designed to strengthen its market position and better distinguish it from other finance companies.

Under the proposals, the group’s primary lending vehicle, St Laurence Mortgages, will acquire other parts of the group that undertake a wider range of property-based funds management, fund investment and asset management activities.

Several of these companies hold long-term income streams from management contracts.More info

Sovereign's profit up


Sovereign has recorded a record after tax profit of $102.6 million, up 27%, for the year ending 30 June 2006.

Its funds under management at year-end remained relatively stable at $3.2 billion.

However it has grown its life and home loan businesses. It is the country’s leading non-bank home loan lender, and during the year the level of loans settled increased by 24% to $2.43 billion.

At period end – 30 June 2006, the size of Sovereign’s home loan portfolio stood at $5.74 billion, an increase of 26%. It has reported growth in life insurance too. Details here

Sentinel goes to South Africa
Home equity release specialist, Sentinel, is about to set up operations in South Africa under the brand Seniors’ Finance. Market entry is through a joint venture with the Alexander Forbes Group, one of South Africa’s leading financial services companies.

Sentinel sees South Africa as an ideal market for home equity release, as house prices have grown very strongly over recent years, but seniors have very little savings and pensions, also, other state benefits are very low.

Sentinel operates in three other markets, New Zealand, Australia and Ireland.

Chartered accountants welcoming
Chartered Accountants welcome life insurance tax review The New Zealand Institute of Chartered Accountants has welcomed news that the government will review life insurance tax rules.

Letting life insurance products use these new rules ensures some savers are not advantaged over others, ICANZ tax director Craig Macalister says.

“I am pleased the minister is considering allowing life insurers the option to be taxed on a basis that more closely resembles a savers own tax profile.

S&P hands out an R card
Western Bay Finance’s insurance company Linsa has been given an R rating by Standard and Poor’s.

Previously it was a CC, but it has been moved to 'R' (Regulatory Supervision) after Linsa went into voluntary liquidation.

Linsa is a very small insurer providing payment protection insurance and mechanical breakdown insurance to personal loan customers of WBF and other general insurance products.

The insurer had a very small capital size, limited business position, inexperienced management team, and lack of historic claims data, although WBF did have an established niche business.

« Life insurance included in tax reviewSovereign takes regulation bull by the horns »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 ▼2.29 ▼2.59 ▼2.65
ANZ 4.44 2.89 3.25 3.39
ANZ Special - 2.29 2.69 2.79
ASB Bank 4.45 2.29 2.59 2.65
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - 2.29 2.59 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 2.89 3.19 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
HSBC Special - 1.99 - -
Lender Flt 1yr 2yr 3yr
ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 2.79 3.04 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.20 3.50 3.50
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.35 2.65 2.65
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
SBS Bank 4.54 2.79 2.79 3.15
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 2.29 2.29 2.65
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - 2.09 - -
The Co-operative Bank - Owner Occ 4.40 2.29 2.59 2.79
The Co-operative Bank - Standard 4.40 2.79 3.09 3.29
TSB Bank 5.34 3.09 3.29 3.45
TSB Special 4.54 2.29 2.49 2.65
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - 2.29 2.69 2.79
Median 4.55 2.79 2.99 2.80

Last updated: 26 February 2021 11:27am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com