Risk Product, Company and Regulatory Updates as at 21 August 2018

Company Updates

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TAL to buy Suncorp's life business, Asteron Life
TAL Dai-ichi Life Australia has entered into a non-binding agreement to buy Suncorp's life business for $725 million. The sale includes Suncorp Life & Superannuation Ltd. TAL has indicated that it will keep the Asteron brand after the transaction is completed. The New Zealand life insurance business of Suncorp will not be affected, and the deal excludes the Australian Wealth Suncorp Portfolio Services Limited superannuation business. 

CFA introduces fintech and artificial intelligence to curriculum
The CFA Institute is adding new sections to its standard educational curriculums from 2019, including fintech and machine learning. Fintech will be part of the level one and two curriculums, discussing technology and its financial applications when applied to investments, and ethics and artificial intelligence. A set of 20 new practice problems will be added to the curriculum. The updates for the 2019 curriculum include 10 new readings and some extensive revisions of 18 existing readings. 

AMP looking at 'opportunities' for life business
AMP has indicated that it may have been considering selling its Australian life insurance business. AMP acting chief executive Mike Wilkins said at a briefing that AMP was 'looking at all the opportunities' and 'all available options' for the Australian wealth protection and New Zealand businesses. 

Regulatory Updates

See our latest review of the Royal Commission into the finance industry.