Rollover’s mum used to tell him not to bite off more than he could comfortably chew, and your correspondent wonders whether the same advice applies to the group life space.
Why? Because from what Rollover can tell, AIA Australia has spent much of the past 18 months attempting to digest its acquisition of CommInsure and at the same time has had to witness the loss of a couple of key group mandates to TAL and MLC Life Insurance.
David Hackett’s ever-ambitious MLC managed to win the Maritime Super mandate from AIA, while Brett Clark’s TAL picked up the even more important mandate of REST.
Rollover understands that with the CommInsure transaction reaching its final stages, AIA will be focused on ensuring there are no other mandate losses notwithstanding the challenges presented by the Government’s changes to insurance inside superannuation.
Rollover notes that TAL faced its own digestive challenges in acquiring the Suncorp Asteron Life Insurance business resulting in job cuts and some product wind-downs.
