Wealth Management

A continued disciplined approach to the execution of the Group's five strategic priorities has delivered another good result.

Wealth Management

Cash net profit after tax for the Wealth Management business was up significantly on the prior year to $718 million.

Firstchoice Net Flows Solid

After experiencing a challenging year of economic downturn in global and domestic equity markets in 2009, performance of the Group's Wealth Management made significant improvement against a backdrop of improved conditions in equity markets.

Investment performance remains solid with 75 per cent, 67 per cent and 76 per cent of funds outperforming benchmark over one, three and five year periods respectively, reflecting the success of the CFS GAM's research based investment philosophy.

The FirstChoice platform performed well with positive net flows of over $3 billion. FirstChoice retained the number two Flagship platform position with a market share of 10.7 per cent and captured 20.9 per cent of net flows for the year ended March 2010.

Colonial First State won the "Best Fund Manager" service level award from Wealth Insights for the third year running. Colonial First State FirstWrap platform ranked second in the annual Investment Trends platform benchmarking survey. FirstChoice Wholesale Personal Super won "Superannuation Platform of the Year" and FirstChoice Defensive was winner of "Conservative Retail Multi-sector Funds" in the AFR Smart Investor Blue Ribbon Awards 2009.

CommInsure's cash net profit tax increased significantly to $396 million driven by favourable investment experience due to improved investment markets. CommInsure was awarded "Life Company of the Year" by Plan for Life.

Wealth Management