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
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 review | Sovereign takes regulation bull by the horns » |
Special Offers
© Copyright 1997-2024 Tarawera Publishing Ltd. All Rights Reserved