St Andrew’s gaining good traction
(21 August 2006 – Australia) HBOS Australia’s wealth and insurance arm, St Andrew’s, has posted a half year profit before tax of A$8.4 million.
The result saw revenue increase by 95 percent and profits by 147 percent compared to the same period last year.
St Andrew’s funds under management and advice grew 13 percent.
St Andrew’s managing director John Van Der Wielen said the division was on track to achieve its growth targets for 2006.
"Throughout the last 12 months our insurance business gained significant momentum demonstrating the success of our strategy to provide a more competitive market and make insurance and investment products more accessible to Australian consumers," he said.
"In the first part of 2006 we grew St Andrew’s insurance sales by 54 per cent measured in premium income, and our policy numbers are projected to continue this growth in the next few years."
Van Der Wielen said the division had recruited extensively and made key appointments and would continue with an aggressive recruitment drive over the second half.
He said St Andrew’s had leveraged its ability to cross-sell within the group to BankWest customers.
"Inside and outside the HBOS Australia group we’ve focussed on attracting customers by providing low-cost, straightforward products which offer good value for money," he said.
St Andrew’s funds under management and advice grew 13 percent.
St Andrew’s managing director John Van Der Wielen said the division was on track to achieve its growth targets for 2006.
"Throughout the last 12 months our insurance business gained significant momentum demonstrating the success of our strategy to provide a more competitive market and make insurance and investment products more accessible to Australian consumers," he said.
"In the first part of 2006 we grew St Andrew’s insurance sales by 54 per cent measured in premium income, and our policy numbers are projected to continue this growth in the next few years."
Van Der Wielen said the division had recruited extensively and made key appointments and would continue with an aggressive recruitment drive over the second half.
He said St Andrew’s had leveraged its ability to cross-sell within the group to BankWest customers.
"Inside and outside the HBOS Australia group we’ve focussed on attracting customers by providing low-cost, straightforward products which offer good value for money," he said.
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