Colonial name to disappear in NZ
The Colonial brand is set to disappear from the New Zealand financial services landscape.
The Colonial brand is set to disappear from the New Zealand financial services landscape.
The merged Sovereign and Colonial insurance companies are to be run under the Sovereign brand in New Zealand, according to the Good Returns Web site.
Group managing director Ian Hendry says market research has shown the Sovereign brand name is favoured by New Zealand distributors and consumers. Plans to phase out the Colonial brand in New Zealand are being prepared and the change will be begin gradually over the next few months.
Sovereign and Colonial operations in New Zealand were merged after acquisition Common-wealth Bank in Australia acquired Colonial earlier this year.
Sovereign is now New Zealand's largest life insurance company with an annual premium income of $460 million, and the second largest fund manager with funds under management of $2.2 bil-lion.
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