Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Sovereign Delivers $33.9 Million Profit

Sovereign Delivers $33.9 Million Profit In Fulfilling Potential

[Statement made by Mr Ralph Norris, Chairman, Sovereign Limited]


Financial services company Sovereign Limited made an audited after tax profit of $33.9 million for the year ended 30 June 2000.

This was the Company’s first full year of trading as a wholly owned subsidiary of the ASB Group and, following changes in its financial year, no meaningful comparisons with previous periods are available.

Sovereign maintained its position as the country’s fastest growing risk and savings insurance company, increasing new business premiums by 30% with total premiums at year end reaching $226.2 million.

New annual premiums during the year were $35.9 million and single premiums $123.9 million.

In addition to its life insurance operations, Sovereign provides a broad range of financial products and services to its clients through its relationships with financial intermediaries.

Sovereign is now well established as a significant lender on residential property, with advances for the year increasing by 78% to $722 million, with all mortgages being written through brokers.

Aegis, Sovereign’s wrap account that enables financial planners to manage their clients’ portfolios, has quickly established itself as a market leader and more than tripled funds under administration to $797 million.

Investment funds under management stayed constant at $524.4 million, with the weighted average return after tax and charges across our 19 funds being 16.68%.

The performance of Sovereign during its inaugural year as a member company of the ASB Group demonstrates the potential seen in the Company when it listed on the New Zealand Stock Exchange in 1998.

As a new generation of financial services company, utilising leading edge technology, Sovereign has established itself as a market leader in a number of market segments that complement its sister company, ASB Bank.

Note: Sovereign’s result was not included in ASB Bank’s financial result released on Wednesday, 30 August 2000.

- ends -


For further information please contact

Mr Ian Hendry
Group Managing Director
Sovereign Limited
Tel 0-9-486 9500


Issued on behalf of Sovereign by
Dennis Lynch, Network Communications
Tel 0-9-379 3154


ABL1MR038

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news