NAB posts 'solid’ quarter
National Australia Bank (NAB) has confirmed itself as being among those currently feeling some pain within its insurance portfolio.
In a third quarter trading update released to the Australian Securities Exchange (ASX) yesterday, the big banking group painted a broadly positive picture with unaudited cash earnings rising to around $1.5 million, but acknowledged the insurance issue within NAB Wealth.
It said that while cash earnings were broadly stable for the quarter, “insurance claims were higher, with unfavourable experience in group and lump sum partially offset by lower disability claims”.
However it said the NAB Wealth Investment business had benefited from higher funds under management, stronger earnings in Private Wealth and the sale of the Group’s interest in US-based fund manager, AREA Property Partners.
NAB chief executive Cameron Clyne described the third quarter result as “solid”.
Recommended for you
In this week’s episode of Relative Return Insider, AMP chief economist Shane Oliver joins the show to discuss Australia’s stagnating productivity ahead of the government’s economic reform roundtable, and how picking all the “low-hanging fruit” for reform in the ’90s helped kick off a surge that has since stalled out.
In this episode of Relative Return Insider, host Keith Ford is joined by Cyber Daily deputy editor David Hollingworth to take you inside the evolving landscape of cyber crime, how even huge companies can be at risk of breaches, and what that means for anyone trying to understand the risks.
The latest episode of Relative Return sees host Laura Dew chat with Richard Ivers and Mike Younger, co-portfolio managers at Prime Value Asset Management, on their newly launched Microcap Fund and opportunities in small and mid-cap shares.
In this week’s episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford dive into the week's top news, from investors remaining blasé about tariff announcements to bitcoin surging and unemployment numbers.
