Zurich Australia sells advisory group Financial Lifestyle Solutions to ING Australia-owned Millennium3

Zurich Financial Services Australia (Zurich) today announced it is selling advisory group Financial Lifestyle Solutions (FLS) to Millennium3 Financial Services.  

FLS is a national advisory group offering financial planning and general insurance brokerage services, with more than 141 financial advisers and general insurance brokers.
 
Millennium3 is one of Australia’s largest financial services adviser groups and is 100% owned by ING Australia.

As part of the sale agreement, Millennium3 has agreed to on-sell FLS’ general insurance business to Insurance Advisernet Australia (IAA), which is part of the Austbrokers network. “Millennium3 has a close working relationship with Austbrokers and this will be a good strategic fit for both parties,” said Millennium3’s joint Managing Director, Darryl Foster.

The Chief Executive Officer of ING Australia, Mr Harry N. Stout, said FLS was a good fit for Millennium3 and would increase ING’s adviser distribution footprint.

“With funds under management of more than $1.1 billion, as well as major life ($23 million in-force) and general insurance distribution businesses, FLS is a high quality dealer group that will enhance Millennium3’s presence in the financial services marketplace,” Mr Stout said.

Zurich’s Chief Executive David Smith said, “The sale of FLS completes the process of divesting ownership of non-core assets, as part of Zurich’s ongoing business review.

“Excellent distribution is fundamental to Zurich’s business, but it does not have to be owned to be effective,” said Mr Smith. “Zurich has a very clear model in Australia as a risk manufacturer in both life and general insurance, providing quality services to intermediaries.

“The sale is a further step in transforming Zurich’s basic operating processes to enable us to pursue profitable growth,” he said

Mr Smith said an integral part of the transaction was a strategic marketing agreement with Millennium3, in which Zurich would continue to service the FLS intermediaries and expand its products and services more broadly in Millennium3 and associated adviser groups.

“FLS intermediaries are strong supporters of Zurich products and we look forward to deepening and strengthening these relationships further,” he added. Zurich has a long established relationship with the Austbrokers Group and looks forward to continuing to bring its full range of products and services to the Authorised Representatives so that Zurich can further strengthen and develop its existing relationships.