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


Sovereign Achieves Modest Growth

Sovereign Achieves Modest Growth In Difficult Environment

Statement made by Simon Swanson, Managing Director, Sovereign Group

Sovereign's appraisal value grew 6.7% (by $32 million) during the six months ended 31 December 2002.

Given the difficult environment for investment related products and services that currently exists internationally and in New Zealand, this modest increase in performance represents a sound six months.

The continued support of independent brokers and financial advisers, and the broad nature of our products and services, is assisting the Group to grow as uncertainties about returns and world stability distract investors.

The contributions from home mortgage lending and insurance to our overall performance were significantly ahead of where they were at the same time last year.

Home mortgage lending during the six months was $551 million, up 68% on the same period last year.

Total home mortgage lending now exceeds $2.3 billion, up 15% on the position six months ago. Sovereign has consolidated its position as the country's largest non bank provider of home mortgage finance.

Annual premium income from life, health and other specialist insurance products was $520 million, up 4% on the position six months ago.

Sovereign wrote extensive new life insurance business during the six months, up 8% to $29m. Regular premium investment business for the period was $14 million (down 16%) and for single premium business was $71 million (down 34%).

Sovereign maintained its position as the country's largest writer of life insurance with a market share of 30%.

At period end total funds under management was $5.1 billion, 4% down on the position six months ago. Of these funds, $3.2 billion was invested in Sovereign managed funds (down 9%) and $1.9 billion in Aegis wrap accounts (up 1%) on the totals six months previously.

Our market share of funds under management remained at 8%.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Scoop 3.0: How You Can Help Scoop’s Evolution

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>

Statistics: Butter At Record $5.67/Block; High Vegetable Prices

Rising dairy prices have pushed food prices up 2.7 percent in the year to October 2017, Stats NZ said today. This followed a 3.0 percent increase in the year to September 2017. More>>


Science: New Research Finds Herbicides Cause Antibiotic Resistance

New University of Canterbury research confirms that the active ingredients of the commonly used herbicides, RoundUp, Kamba and 2,4-D (glyphosate, dicamba and 2,4-D, respectively), each alone cause antibiotic resistance at concentrations well below label application rates. More>>


CO2 And Water: Fonterra's Environment Plans

Federated Farmers support Fonterra’s bold push to get to zero emissions of CO2 on the manufacturing side of the Co-operative, both in New Zealand and across its global network. More>>


Fisheries: Decision To Delay Monitoring ‘Fatally Flawed’

Conservation group representatives say a decision by the new Minister of Fisheries, Stuart Nash, to delay implementation of camera monitoring of fishing efforts in New Zealand is ‘fatally flawed’. More>>


Kaikōura Quakes: One Year On

State Highway One and the railway were blocked by damage and slips and the Inland Road suffered significant damage. Farms, homes and businesses suffered building and land damage. Power and internet went down, drinking water systems, sewage systems and local roads were all badly affected... More>>


  • Bill Bennett on Tech