Global Wealth
Joyce Phillips
Chief Executive Officer, Global Wealth
Business profile
In March 2012 the Global Wealth Division was created to strengthen focus on the significant opportunity the Wealth market offers ANZ.
In responding to this opportunity the Division is building new and more distinctive ways of engaging with our customers across Australia, New Zealand and the Asia Pacific. We are also leveraging our global scale and expertise to improve efficiency and deliver a stronger customer experience across all markets.
Our aim is to help ANZ customers progress by providing compelling investment, superannuation and insurance solutions together with quality advice tailored to their specific needs. Customers can access ANZ’s wealth solutions through teams of highly qualified financial experts, innovative online and mobile platforms and through ANZ’s broader distribution network.
Business highlights
- Global Wealth profit was flat in 2012, however performance improved significantly in the second half reflecting a strong uplift in insurance and investment earnings and a decline in costs as productivity benefits emerged.
- The New Zealand business continues to strengthen with FUM growth for KiwiSaver product up 39%.
- In Australia our market leading insurance business increased sales by 11% with new business margins also trending upwards.
- Launched simple wealth products and invested in training of staff across Australian bank channels to give customers easier access to simple insurance and superannuation solutions.
- Experienced solid growth in Private Banking with FUM inflows up 14% in Asia and increased levels of client satisfaction in New Zealand.
- Industry awards:
- 2012 Money Management/DEXX&R Adviser Choice Risk Awards: Named Risk Company of the Year for the third year running and awarded gold in the Term and Total & Permanent Disability and Risk Trauma Insurance categories.
- Money Magazine’s 2012 ‘Best of the Best’ awards: Awarded Best Featured Pension for OneAnswer Frontier.
- New Zealand Morningstar Awards 2012: Our specialist investment manager OnePath was named New Zealand Fund Manager of Year and was also the KiwiSaver Category Winner.
| 2012 | 2011 | Movt (%) | |
|---|---|---|---|
| Operating income | 1,478 | 1,485 | 0 |
| Operating expenses | (857) | (853) | 0 |
| Profit before credit impairment and income tax | 621 | 632 | (2) |
| Provision for credit impairment | (4) | 8 | Large |
| Profit before income tax | 617 | 640 | (4) |
| Income tax expense and non-controlling interest | (166) | (183) | (9) |
| Profit after tax | 451 | 457 | (1) |
| Contribution to group earnings | 8% | 8% | – |
Giving back to the Australian community for over 130 years
Emerge Mentoring Program
ANZ’s Global Wealth business has been assisting individuals, charitable trusts and foundations to give back to the community for over 130 years.
We provide guidance, governance, investment management, estate planning, and charitable giving structures and strategies to help our clients fulfil their philanthropic ambitions.
In 2012 we managed $1.3 billion in charitable funds invested for community benefit in Australia and generated $75 million for distribution to charity.
ANZ’s commitment to inclusivity is also reflected in the community involvement activities facilitated through a partnership with the Cerebral Palsy Alliance, a relationship which spans over two decades.
This year, we funded the Emerge Mentoring Program, a year‑long leadership and work readiness program which matches ANZ mentors with young adults with cerebral palsy. We also partnered with Alliance families to help them complete the four-kilometre Family Run at the 2012 Sydney Running Festival, continuing a six-year tradition. Prior to this, we funded Ignition Mentoring – a program supporting teenagers with cerebral palsy build their confidence, self‑esteem and resilience.
These programs support ANZ’s volunteering policy, which provides staff with one day of paid volunteer leave each year.