Norwich Union Australia announced today that it has sold its funeral plan business, Norwich Union Funeral Plan Management Limited, to Lifeplan Australia Friendly Society Limited (Lifeplan).
Norwich Union Australia announced today that it has sold its funeral plan business, Norwich Union Funeral Plan Management Limited, to Lifeplan Australia Friendly Society Limited (Lifeplan).
Norwich Union Chief Executive Officer Rob Garnsworthy said that the sale was consistent with the group's strategic direction of focusing on its core businesses - life company Norwich Union Life, master trust Navigator and fund manager Portfolio Partners - through which it could add value for financial advisers and investors.
"Our funeral plan management business has performed strongly in the Australian market," said Garnsworthy. "However on close examination we decided there were only limited opportunities for us to strategically grow this part of our operation."
Norwich Union and Lifeplan will work closely over the coming months to ensure a smooth transition and merger of the two funeral fund operations.
"We see substantial synergies between the two organisations," said Chris Wright, Chief Executive Officer of Lifeplan. "Combined, they will create a complementary and strong national presence with more than $1 billion funds under management on behalf of more than 200,000 clients."