ASB identifies potential in insurance sales
ASB is focusing on growth opportunities in the life insurance market, its executive general manager of wealth and insurance says.
Thursday, February 14th 2013, 2:23PM
Blair Turnbull said the bank’s insurance business had performed strongly, with general insurance sales rising 7% and life insurance sales up by 5% in the first half of 2012, compared to the same time a year earlier.
"The market presents opportunities for significant future growth, particularly due to the high levels of under-insurance across all insurance types in New Zealand in comparison to other markets,” he said.
“As part of our growth strategy, we are working on new ways to make it easier for New Zealanders to get the insurance they need to protect the things that are important to them."
ASB’s home loan lending book rose 3% to $38.7 billion over the first half of 2012, but its share of the market was little changed at 22%.
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