ANZ Banking Group and ING Australia’s (INGA) wealth management venture topped 1500 planners and saw a higher operating profit on risk sales, for the 12 months to September.
Operating profit firmed 12 per cent to $271 million, from $243 million a year ago.
“Risk income was 15 per cent higher than the prior comparative period,” an ANZ statement to the market said.
“The increase was driven by growth in the in-force books of term life, group life and consumer credit, and was assisted by reinsurance recoveries on income protection claims in 2008.”
ANZ/INGA reached 1514 financial planners in the 12 months, helped by the completion of the acquisition of dealer group Financial Services Partners (FSP) in December 2007.
During the 12 months, FSP’s adviser numbers increased to 199, up from 75, the statement said. Dealer groups RetireInvest, Millennium3 and ING Financial Planning also added planners.
ANZ may acquire Asian wealth management businesses for a good price, ANZ chief executive Mike Smith told journalists in Sydney yesterday.
“We will look at opportunities within financial services which are relevant to us,” Smith said, referring to Asia.
Heavy Asian expansion is part of ANZ’s goal to become a super-regional bank.
ANZ/INGA funds under management dipped to $41.9 billion for the year to September, compared to $46 billion in the prior comparative period.
Overall, ANZ reported cash profit for the year to September fell 23 per cent to $3 billion.
