ING Australia, the fund management and life insurance joint venture between ANZ and ING Group, has posted a 15% rise in profit for 2005 as sales of investment and superannuation products soared.
The group said that after tax profit increased to A306 million. Net income increased 7% to A627 million, driven by growing funds under management and life insurance underwriting profit. Australian bank ANZ and Dutch financial group ING said that the venture has good momentum.
Total sales of investment and superannuation products in Australia were A6.1 billion, a 24% increase on 2004. Total life risk sales increased 3% to A80 million and direct insurances were up 22% to A169 million.
CEO of ING Australia Paul Bedbrook said: All of our key business lines – personal investments, employer superannuation, life risk and direct insurances – have performed well in terms of sales and operational profit.