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 .

Good leaders are a rare commodity these days. Milton built a great business but when he left, a succession of bankers took over who we know are ignorant about insurance. We saw AMP buy AXA with bankers running AMP. What resulted was two 100 year old businesses being destroyed have bankers at the helm. We can hope that the boards of the few remaining insurers note that appointing a person with a banking background to the leadership role is a destructive appointment.