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

 

Sovereign strengthens its position as industry leader

16 November 2011

Sovereign strengthens its position as industry leader

Sovereign has strengthened its leadership of the New Zealand life insurance industry, according to new figures released by the Investment Savings and Insurance Association (ISI).

Sovereign increased its new business in the quarter ended 30 Sept by 24 per cent compared with the same quarter last year, contributing to a 6.3 per cent increase in new business market share to 26.2 per cent. The result has helped Sovereign to retain its industry leading inforce market share of premiums, now 30.2 per cent.

“We believe these figures represent a vote of confidence in the proactive way we’ve responded to the challenges the insurance industry is facing,” says Sovereign CEO Charles Anderson. “The results bode well for the continuing strength of Sovereign, the confidence of our advisers and the secure future of our customers.”

To put Sovereign’s result into perspective, the ISI quarterly report on market share reveals that the overall new business for ISI members shrank by 5.5 per cent in the September quarter, compared with the same period in 2010. That decline would be 12.9 per cent if Sovereign’s significant growth was removed from the calculation.

“This time last year there was a great deal of uncertainty throughout the industry as advisers faced the daunting prospect of a changing tax and regulatory environment,” says Anderson.

“Sovereign made a commitment to give its advisers practical support and training to help them meet the new requirements, settling the standard for the industry. We encouraged and supported advisers to take time out to up-skill. The ISI figures underscore the feedback we’ve been getting from our advisers that our help and their hard work have given them confidence in a robust future.

“We firmly believe the insurance industry will come through this regulatory evolution stronger than ever. Sovereign and its advisers have worked hard to ensure we consolidate our leading market position through and beyond these changes, and I believe these results reflect the success of those efforts.”

About Sovereign

Sovereign Assurance Company Limited (Sovereign) is New Zealand’s largest life insurer; protecting the lives of more than 600,000 people through the provision of personal insurances (such as life, income protection, disablement and trauma and major medical health policies) and employer sponsored compulsory and voluntary workplace schemes.

Sovereign’s financial strength is rated A+ (Superior) by A.M. Best . Sovereign is part of the ASB group of companies, which is in turn part of the Commonwealth Bank of Australia group.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Tiwai Point: Rio Tinto Announces Plans To Close Tiwai Point Smelter

Rio Tinto has just announced that it will wind down New Zealand Aluminium Smelters - the Tiwai Point smelter - saying the business is no longer viable. More>>

ALSO:

Freight: New Report On Auckland Port Relocation

The Government has released a major new report on the options for relocating the Port of Auckland’s freight operations while deferring any decision on the issue. More>>

ALSO:

Chartered Accountants: COVID-19 Fails To Knock Kiwi Investor Confidence, But More Disclosure Wanted

Three months of COVID-19 lockdown and investment turmoil has done little to knock confidence in New Zealand capital markets and listed companies with overall investor sentiment very similar to 2019, an investor survey held in mid June shows. However, ... More>>

ALSO:

Taxation: Black-Market Tobacco Sidesteps $287 Million In Excise Tax

Year-on-year increases in consumption of illicit tobacco in New Zealand have seen illegal trade swell to 11.5% of the total market. If consumed legally, illicit products would have netted the Government $287 million in excise tax during 2019. Independent ... More>>

ALSO:

Energy Sector: Meridian Spilled Water To Hike Electricity Prices - Authority Ruling

The Electricity Authority has found that generator Meridian Energy manipulated the power market, costing consumers about $80 million. More>>

ALSO:

XE Data Update: RBNZ Official Cash Rate Decision

The RBNZ will keep the Official Cash Rate (OCR) at 0.25%. T he key points in the RBNZ statement are: RBNZ keeps the OCR unchanged at 0.25% Maintain the LSAP (large scale asset purchase) at NZD$60 billion. Committee prepared to use additional monetary ... More>>

ALSO:

Electricity: Kiwis Ignore Promise Of Cheaper Power

Electric Kiwi and Flick Electric Co are joint winners of Canstar Blue’s award for Most Satisfied Customers | Electricity Providers From putting on an extra layer – rather than turning on a heater – to turning off lights and choosing the energy-saving ... More>>

ALSO:

Electricity: Transmission Pricing For A Low Carbon Future

The Electricity Authority has decided on new guidelines for transmission pricing. James Stevenson-Wallace, Chief Executive of the Electricity Authority says the new guidelines will deliver significant benefits to consumers, through lower electricity ... More>>

ALSO:

NIWA: The Climate Record That Keeps Getting Broken

Among the multitude of New Zealand climate statistics there is one record that continues to be broken month after month. Since January 2017 there has not been one month that recorded a below average nationwide temperature, according to NIWA’s seven station ... More>>

ALSO:

Govt: Extended Loan Scheme Keeps Business Afloat

Small businesses are getting greater certainty about access to finance with an extension to the interest-free cashflow loan scheme to the end of the year. The Small Business Cashflow Loan Scheme has already been extended once, to 24 July. Revenue and Small ... More>>

ALSO:

Science: 2019 Prime Minister’s Science Prizes Announced

The 2019 Prime Minister’s Science Prizes have been announced in a digital livestream event today. The Prizes recognise the impact of science on New Zealanders’ lives, celebrate the achievements of current scientists and encourage scientists of the ... More>>

ALSO:


RNZ: Fuel, Alcohol Costs To Go Up From Today

The increase today in the taxes on fuel, road user charges and alcohol is being called a tone-deaf move. More>>

ALSO:

Stardome Observatory: Young Kiwi Astro-Photographer Shoots For The Stars

Matariki by Josh Kirkley. The stars are aligning for up-and-coming Auckland-based astro-photographer Josh Kirkley (Kāi Tahu). During lockdown, one of his images was picked up by NASA and shared on the space agency’s Instagram to its 59.2 million ... More>>


DCANZ: Time For EU To Commit To A Level Playing Field For Trade

The Dairy Companies Association of New Zealand (DCANZ) has welcomed New Zealand Trade Minister David Parker’s statement that it is unacceptable for New Zealand exporters to continue facing an ‘unlevel playing field’ in the EU. Details leaked ... More>>

ALSO:

Potatoes New Zealand: Protecting NZ Fries As Part Of PNZ Pandemic Recovery & Transformation Plan

Potatoes New Zealand has met with Minister Faafoi this week to discuss investigating the potential importation of heavily discounted frozen potato chips into New Zealand. With MBIE’s support we are undertaking an investigation to gather evidence of the ... More>>

ALSO:


New Zealand Government: Supporting Kiwi Businesses To Resolve Rent Disputes

The Government will legislate to ensure businesses that suffered as a result of the COVID-19 response will get help to resolve disputes over commercial rent issues, Justice Minister Andrew Little announced today. More>>

ALSO: