Norwich offloads funeral business
Norwich Union has offloaded its funeral plan business to Lifeplan Australia Friendly Society.
The administration and marketing of pre-paid funeral investments, previously operated through Norwich Union Funeral Plan Management, will now be run by Lifeplan. The acquisition will have carve out a 30 per cent slice of the funeral investment markets for Lifeplan, worth about $190 million.
As yet, no figure as to the sale price of Norwich's funeral investment business has been divulged by either party.
Norwich chief executive Rob Garnsworthy says the sale is part of the group's focus on its core businesses - Norwich Union Life, its master trust Navigator and fund manager Portfolio Partners.
"Our funeral plan management business has performed strongly, and is a leader in the Australian market," he says.
"However, on closer inspection we decided it fell outside our ambitions for the ongoing development for our business."
Lifeplan chief executive Chris Wright says he sees synergies between the two organisations which has led to Lifeplan expanding its position as a provider of niche investment products.
Recommended for you
As the end of the year approaches, two listed advice licensees have seen significant year-on-year improvement in their share price with only one firm reporting a loss since the start of 2025.
Having departed Magellan after more than 18 years, its former head of investment Gerald Stack has been appointed as chief executive of MFF Group.
With scalability becoming increasingly important for advice firms, a specialist consultant says organisational structure and strategic planning can be the biggest hurdles for those chasing growth.
Praemium is to acquire an advanced technology firm for $7.5 million, helping to boost its strategy to be a leader in AI-powered wealth management.
