Freedom Insurance Group Limited has issued what is likely one of its final reports to the Australian Securities Exchange (ASX), reporting a $33.4 million loss for the half-year ended 31 December, the departure of its chief executive and virtually confirming that Noble Oak was the party which had picked up the remaining facets of its business.
In a belated December-half report to the ASX, the company said the $33.4 million loss reflected the cessation of sales in October 2018 following the release of Australian Securities and Investments Commission (ASIC) Report 587 into the sale of direct life insurance and the resulting structure of Feedom’s operations.
It also cited the impact on Freedom following the findings of the Hayne Royal Commission, the write-down of goodwill with respect to Spectrum Wealth Advisers and provision for the customer remediation program.
It said that with the winding down of its remaining operations, the role of the chief executive had been made redundant with the result that Sean Williamson would be leaving Freedom in early August.
While Freedom initially declined to name the company to which it had transferred its policy administration business, the involvement of Noble Oak in the wind-down was revealed by the fact that around 43 employees were transferred to Genus Life Insurance Services which is part of Noble Oak Life.