IOOF faces second class action

IOOF Holdings Ltd is facing a second class action from shareholders who want to recover losses from alleged non-disclosures and potentially misleading and deceptive conduct affecting IOOF share purchases from March 1, 2014, to July 7, 2015, inclusive. Shine Lawyers launched the class action on behalf of the shareholders after LS Fund Services, a part…

Nib posts 'disappointing' result

Nib’s 1H20 results were “disappointing” and indicative of prevailing industry pressures and escalating competition, Nib CEO Mark Fitzgibbon said today. In an investor presentation, the private health insurer reported a 27.2% drop in underlying operating profit (UOP) on 1H19, to $83.2m, while group revenue was up 6.4% to $1.3bn.

Freedom remains in 'holding pattern'

Freedom Insurance Group Ltd is in a “holding pattern” Freedom Insurance Group Ltd chair Pauline Vamos told shareholders today at an extraordinary general meeting (Insurance News, February 18).

Rising PI rates, regulatory costs force advisers out of industry

The financial advice industry is facing thousands of job losses as practitioners are forced out of the industry by increasing regulatory and compliance costs from rising professional indemnity (PI) insurance rates and restructure of the licensee market, an Adviser Ratings (AR) report reveals.

Younger members continue to abandon PHI funds

APRA’s latest quarterly private health industry (PHI) figures show younger members continue to abandon PHI funds. The biggest drop in 2Q20 on 1H20 was among 30-34-year olds, down 10,286 and the biggest net decline, taking into account movement between age groups, was in the 25-29 age group, down 11,649. In all, 11.2m people, or 44%…

IOOF 1H20 results signal 'new era'

Financial Services company IOOF Holdings Ltd has reported a 5.2% rise for 1H20 in funds under management, advice and administration (FUMA) on 1H19, while 1H20 statutory net profit after tax was down 15% to $115m.

Climate-related risks, the new normal: QBE

Climate change risk is the “new normal”, Group CEO Pat Regan says in QBE’s annual report, released today with its FY19 results showing 4.2% drop in net profit after tax on FY18, to $US622m ($A924.6m).

Suncorp urges action on climate change

After seven natural catastrophes across Australia and NZ in 1H20 and three subsequent Australian events in January, Suncorp group CEO Steve Johnson has urged governments, communities and the industry to work together to tackle climate change effects.

Choice's TPD junk policy claim based on old data, ignores code of practice improvements: FSC

Financial Services Council (FSC) has refuted consumer advocate Choice’s and its partner advocate Super Consumers Australia’s (SCA) super figures and their claim total and permanent disability (TPD) policies in super are nothing but junk, saying Choice’s figures are based on out-of-date 2016-17 data that ignore “significant” improvements after the Life Insurance Code of Practice came into force.

Medibank urges medical cost reduction

Further government reforms enabling the the private health insurance system, including third-party payors and providers, were needed “to remove unnecessary costs” and ensure the future sustainability of Australia’s health system, Medibank CEO Craig Drummond said on the release of the company’s 1H20 results, dented by rising claims costs.