PPS Mutual has confirmed it has been granted a licence to operate as a life insurer in New Zealand.
According to the new niche provider, the licence – granted by the Reserve Bank of New Zealand – represents a significant regulatory step ahead of the company commencing operations shortly:
“Securing the RBNZ licence is our most significant milestone in establishing PPS Mutual in New Zealand,” said Billy Lynch, Chief Executive of PPS Mutual NZ, who added the firm is focused on bringing its mutual model to life “…by building a trusted, adviser-led business that offers tailored insurance solutions and long-term value to New Zealand professionals.”
The insurer will offer and distribute its life insurance products exclusively through a select group of accredited, independent financial advisers.
PPS Mutual Product Offer
The product solutions are intended by the insurer to be tailored to the specific needs of professionals which it says ensures this target market has access to cover which is:
- Flexible
- Personalised
- Designed with long-term value in mind
…our distribution approach recognises the critical role advisers play
Lynch says PPS Mutual believes strongly in the value of independent financial advice: “We have specifically designed our proposition to meet the needs of professionals, and our distribution approach recognises the critical role advisers play in guiding clients through complex decisions about risk and financial protection.”
The company’s statement announcing the granting of its licence notes the PPS model is built on the principle of mutuality and allows insured members to share in the company’s financial success through its unique Profit Share Benefit:
“We’re proud to be offering a model that underpins our belief that success is better shared, prioritises and rewards our members,” said Lynch.
Background
The Professional Provident Society (PPS) is a global network of independent mutual insurers that operate under a shared brand and vision. Founded in South Africa in 1941 by a group of dentists committed to supporting one another through life’s uncertainties, the PPS Group in South Africa has grown to serve over 150,000 professionals.
In 2016, PPS Mutual Australia was successfully established, and now serves over 12,000 members. PPS Mutual Australia was recognised as Insurer of the Year by independent financial advisers in both 2023 and 2024. PPS Mutual New Zealand says it will build on the PPS legacy, proven model and operate as a fully independent mutual entity with an independent Board, local management, governance, and decision-making.
“Our mutual structure means our focus is on delivering long-term value to our members,” said Lynch. “It’s a model that aligns our purpose with the interests of the professionals we cover.”
RiskinfoNZ will monitor and report further updates in the lead-up to the public launch of the PPS Mutual product offer for professional Kiwis via its accredited adviser panel…