About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Thursday, November 21st, 9:48PM
rss
Latest Headlines

CBA eyes Sovereign, CommInsure divestment

Commonwealth Bank of Australia has signaled the possible divestment of its life insurance businesses in New Zealand and Australia, but Sovereign CEO, Nick Stanhope says it's "business as usual".

Wednesday, August 9th 2017, 12:18PM 1 Comment

The bank said, "We are in discussions with third parties in relation to their potential interest in our life insurance businesses in Australia and New Zealand", as it reported a full-year profit of $9.88 billion and raised dividends for shareholders.

"The outcome of those discussions is uncertain. While the discussions may lead to the divestment of those businesses, we will also consider a full range of alternatives, including retaining the businesses, reinsurance arrangements or other strategic options."

Sovereign CEO, Nick Stanhope, said in a statement, “This morning we have briefed our teams. We have also shared with them that CBA has reaffirmed that the provision of insurance products to its customers remains core to its vision.” 

“CBA also sees Sovereign as a strong business with scale, expertise, competitive products and access to attractive distribution channels. So in the meantime while these discussions take place it remains ‘business as usual’ for our people, advisers and customers,” says Stanhope.

CBA will keep the market informed of material developments as and when appropriate.

Tags: banks Life insurance Sovereign

« OnePath sale may be getting closeSovereign for sale but who will buy? »

Special Offers

Comments from our readers

On 9 August 2017 at 5:23 pm Pragmatic said:
Expect further divestment to follow as large financial institutions rid themselves of their wealth management entities... not overly dissimilar from their entry/exit from share-broking in the early nineties (for those old enough to remember)

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Insurance Briefs

Suncorp invests in wellbeing
Suncorp New Zealand has now invested a total of $20 million into wellbeing bonds as part of its focus on identifying sustainable investment opportunities that can deliver positive community outcomes.

AIA adds mental health support
AIA is boosting Vitality members’ donations to the Mental Health Foundation.

Major milestone for Cigna
Cigna, which acquired OnePath Life last year, is on the verge of reaching "a huge milestone".

Fidelity Life gets tick
Fidelity Life has been awarded the Accessibility Tick.

News Bites
Latest Comments
  • Details confirmed for transitional licensing
    “And the other requirement is to have an internal complaint process as set out in the licence conditions. It’s good to see...”
    15 hours ago by Mr Slater
  • When is a client really a client?
    “And this subtle upgrade to the understanding of a complaint. Which changes the ISO definition from an expression of dissatisfaction...”
    3 days ago by JPHale
  • When is a client really a client?
    “Just released additional standards from the FMA. Record keeping potentially until 7 years after the death of the life...”
    3 days ago by JPHale
  • When is a client really a client?
    “@ReganT interesting that the two life advisers involved with the code working group discussion are the ones being argued...”
    4 days ago by JPHale
  • When is a client really a client?
    “In a previous reply I responded to the concept of payment as a trigger. I actually agree it’s not. While we don’t often...”
    4 days ago by regant
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News

MORE NEWS»

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