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.

Freedom readies for wind-up

Shareholders of direct insurer Freedom Insurance Group Ltd have been asked to approve $220,000 in remuneration to liquidators Joseph Hayes and Andrew McCabe of Wexted Advisors at an extraordinary general meeting on February 21 to wind up the company.

PSI buys HSEQ assets, stake in software business

PSC Insuranece Group Pty Ltd (PSI) has bought Perth-based health, safety, environment and quality (HSEQ) consultancy Ultimate Safety Solutions Australia’s (USSA) business assets and a 75% interest in the owner of SafeX software, Eden Software Pty Ltd’s (Eden), for $698,000. PSI said in an ASX statement that, in addition to its HSEQ consultancy services, USSA…

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).

IAG lowers margin guidance

IAG has increased its FY20 natural peril claims costs assumptions to $850m – up from $715m – and lowered its margin guidance to 12.5-14.5%.

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.

AMP sheds 47% of profit

AMP Ltd has reported a 46.6% slump in underlying FY19 profit on FY18, to $485m, which it said reflected a “challenging environment in Australian wealth management, offset by strong earnings in AMP Capital and resilient AMP Bank performance.

ASIC finds some PYSP communications lacking

ASIC has found some super trustees’ member communications lacking about changes introduced through the Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019 (PYSP).

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.