The Australian life insurance industry’s performance is in a downward spiral, regulator APRA’S latest data show. A $19bn increase in overall CY19 revenue on CY18, mainly driven by a favourable investment market, was offset by a $17.8bn rise in total expenses and $1.8bn increase in tax expense.
ASIC has reported a 52% increase in enforcement investigations, triggered by the financial services royal commission (FSRC), involving CBA, NAB, Westpac, ANZ and AMP, or their officers or subsidiary companies.
AUB Group Ltd has upgraded its guidance to 16-18% FY20 growth from 8-9% after recording strong 1H20 results, including a 25.3% rise in adjusted net profit after tax (NPAT) on 1H19, to $21.3m. NPAT was adjusted for increased share capital on issue after the 1-for-7 equity capital raising in November 2018, offsetting costs of $1.6m…
The Financial Services Council (FSC) has been compelled to issue a statement about life policies in relation to the coronovirus outbreak, after WHO declared it was a “gloal public health emergency”.
Under amending legislation passed in Parliament this week, employers who have failed to comply with their super guarantee (SG) obligations will have an amnesty for another six months to come forward and pay their workers’ SG shortfall without ATO penalties.
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…
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.
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 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).
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.
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%…
Australians are abandoning private health insurance (PHI) because it is too expensive, too confusing and offers too little value, consumer advocate Choice says.