ClearView takeover bid ‘wholly inadequate’
Mid-tier life insurer ClearView Wealth has urged shareholders to reject a $220 million takeover bid from Crescent Capital Partners, labelling the private equity offer as “inadequate” and substantially undervalues the company.
SELF-MANAGED SUPER’S HOUSE OF HORRORS
The 867,000 members of self-managed superannuation funds (SMSFs) are a pretty independent lot. They’ve foregone the services of public-offer superannuation funds in preference for trusting their accountant or financial planner and backing their own abilities. However, it seems many of them are foregoing insurance as well – especially those that have been advised by accountants – and in so doing may be putting their nest egg at risk. Only about 13 per cent of SMSF members have life insurance through their funds.
Brokers credited for Suncorp’s strong results
Suncorp has reported a rise of nearly 60% in its net annual profit and was quick to credit the involvement of brokers for the success of its Commercial Insurance (CI) business. Net profit for the 2012 financial year came in at $724 million, compared to $453 million last year. Profit for the insurance division was $493 million, with life insurance earning $251 million, and the banking arm just $26 million – down from $84 million last year.