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: Thursday, September 24th, 9:31AM

Insurance

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

AIA reveals grant winners
AIA has revealed the financial advisers and advice businesses that will be given financial backing for their community initiatives.

Insurer nib backs Ronald McDonald House with $20k investment
Health insurer nib New Zealand and its nib foundation have lent support to Ronald McDonald House Charities.

Less stressed during lockdown
New Zealander’s health and wellbeing had surprising benefits from the Covid-19 lockdown.

Southern Cross supports new safe haven for at-risk pets
Southern Cross Pet Insurance has teamed up with Pet Refuge to provide temporary shelter for animals affected by family violence.

News Bites
Latest Comments
  • Time is running out for 2000 unregistered advisers
    “I suspect there will be some advisers who have assumed they will be welcomed by FAPS with open arms, only to be disappointed...”
    2 days ago by John Milner
  • FSC offers info hub for advisers
    “lol....I wouldn't say I've only just noticed Murray. More a matter of eventually wondering "am I the only one who thinks...”
    2 days ago by Tony Vidler
  • FSC offers info hub for advisers
    “@Tony Have you only just noticed FSC's push to take over and control adviserland? IMHO it's been increasingly happening...”
    3 days ago by Murray Weatherston
  • FMA details Covid-19 response
    “So my immdeiate question here, is how is this different to the earlier article from G Boyes. An adviser didn't classify the...”
    6 days ago by smitty
  • FSC offers info hub for advisers
    “I admire Richard and the work he has done since taking on the FSC role, however I am confused by this increasing noise by...”
    6 days ago by Tony Vidler
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous 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
x