Bumper year for Merc
Mercantile Mutual has unveiled a 48 per cent growth in net profit in the year to September 30 to $174 million, thanks to its fast growing funds management and life insurance business.
Outgoing managing director Rod Atfield says Merc's life and funds management business contributed about $153 million of the profit, while its New Zealand operations returned about $6 million. Total funds under management rose to $30.5 billion, from $26.2 billion a year previously.
Mercantile Mutual's general insurance division improved, with a break-even result in underwriting, he says.
Atfield, who headed up the company's life insurance division for 20 years prior to becoming managing director, steps down at the end of the year. He will remain chairman of the general insurance joint venture with QBE, and will also sit on the board of soon-to-list outsourcing business HPAL.
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