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.
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