Insurers have leaned on actuaries – RBNZ review

Insurers have leaned on actuaries – RBNZ review
Paul McBeth
Actuaries have quit rather than give in to pressure from insurance companies to change their advice and, in at least one case, an insurer sacked their actuary. That’s among the findings of the Reserve Bank’s review into the role of appointed actuaries, who are tasked with measuring and reporting on material risks to an insurer’s solvency and providing impartial advice to an insurer’s board. The actuary’s role gained prominence in the fallout from the failure of CBL Insurance, where PwC’s assessment as the appointed actuary was used by the...

More Finance

PGG Wrightson CEO: OCR hike would hurt rural sector confidence
Finance

PGG Wrightson CEO: OCR hike would hurt rural sector confidence

The company suspended its interim dividend, worrying about adding debt if rates go up.

ASB's Shortt: Move beyond 'investing to survive'
Finance

ASB's Shortt: Move beyond 'investing to survive'

The ASB CEO says businesses have been in 'investing to survive' mode.

John Key steps down as ANZ Bank NZ chair
Finance

John Key steps down as ANZ Bank NZ chair

John Key will retire from all ANZ boards on March 14. Key joined the ANZ NZ board in 2017 after stepping down as New Zealand’s prime minister. He became chair of the board in 2018 and then joined the ANZ Group board as a director.The board of ANZ Bank New Zealand has appointed Sc...

Staff reporters 27 Feb 2024
Why Fonterra Oceania makes sense
Finance

Why Fonterra Oceania makes sense

It’ll be made out of Fonterra Australia and Fonterra Brands NZ.

Riley Kennedy 23 Feb 2024