The FID Business lost its identify post Miton Jennings exit - as a Business it was always different to other participants in the market - less Corporate and more Kiwi - very sad to see this diminish from the business over the recent decade.

The good news compared to what we have seen in history, is that with Japanese ownership, we can look forward to the parent company wanting growth. History with both AMP and AIA was that both companies in New Zealand were failing so they tried to buy their way out of trouble! AMP bought AXA but maintained their failed model then collapsed totally. AIA purchased Sovereign as their model was failing in New Zealand and like AMP, they continue with that failed model where we are seeing a slower death to AIA. I do not believe that a Japanese model would support a Nil Service model as we saw with AMP and AIA now. That in itself shows promise that New Zealanders will be able to protect themselves with creditable insurers into the future - we hope. Milton wanted a quality offering for New Zealanders. Hopefully Japanese companies can do just that!!

The point should be made the banks assured the Commerce Commission at their recent review that the Adviser Channel and Bank channels were equitable .