Podcast News Wrap For 26 August 2020
A Dunedin financial adviser will have to return more than $370,000 to Asteron Life after the Court of Appeal agreed he was not entitled to all money paid to him under an income protection policy.
Peter Taylor said he couldn’t return the money having spent it on luxury cars and a holiday home.
The court said Taylor did not meet the insurer’s definition of totally disabled and had earned too much money to qualify for payments under the policy.
Asteron Life
Asteron Life, a division of Suncorp New Zealand, delivered an after tax profit of $40 million for the year to 30 June 2020 – down $4 million on its 2019 figure. The company has provided more than $3 million in Covid-19-related premium waivers that customers do not need to pay.
Meanwhile, Suncorp NZ announced an after tax profit of $259 million for the same period, down slightly on its 2019 result of $261 million.
Free marketing advice
Financial advice companies wanting free help with digital marketing may be able to draw on the services of Auckland firm Moberate Technologies.
The company is one of many that’s able to accept vouchers issued by the government’s Covid-19 Business Recovery Fund which has had $40 million added to its pool by the Regional Business Partner Network.
Nib annual result
Nib New Zealand’s operating performance for the 12 months to 30 June shows a rise in membership, revenue, and earnings.
The company’s premium revenue grew more than 10% to $253 million, its underwriting result was almost $26 million, up 11% on last year, and membership increased from 213,000 in 2019 to 227,000 today.
Community grants paid
AIA New Zealand has given away $500,000 in grants to good causes across New Zealand via its Vitality Business and Community Grant Initiative.
The company invited applications for the grant in June; asking financial advisers and community groups to make submissions for one of 10 grants each worth $50,000.
The company says the money will be used to fund programmes, many already up and running, that it says will make a positive difference to the health and wellbeing of local communities.
Orphan clients
Adviser Ratings estimates billion of dollars of advised wealth was in transition in Australia due to advisers exiting the industry. It says advisers are streamlining their client books for financial survival while others are leaving the industry and contributing to a growing pool of client “orphans”.
Student helped
Cigna New Zealand has awarded 21-year-old Victoria University of Wellington student Sabrina He with a scholarship worth $5,000.
The scholarship will help toward the ex-Hutt Valley High School student’s university fees and a summer internship working in the Cigna actuarial team.