At member meetings held in Adelaide on 13 August 2009, Lifeplan members overwhelmingly approved the proposal to merge with Australian Unity.
Over 98 percent of the members’ vote was in favour of the merger. Lifeplan will now seek final regulatory and court approvals for the merger. The merged company will operate under the Australian Unity brand with the Lifeplan name continuing for the combined investment bond, funeral bond and education savings plan business, which will be based in Adelaide.
Lifeplan chairman Mr John Butler, who will join the Australian Unity board, said the board appreciated the support Lifeplan members gave to the merger proposal.
“It is gratifying that members agreed with the Lifeplan board that being part of a larger, more diverse, mutual group with a similar heritage to Lifeplan was in their best interests.
“We believe that this is an excellent outcome for Lifeplan members and all other stakeholders, and ensures the continuity of the Lifeplan name and values,” he said.
Mr Butler paid particular tribute to the contribution made to Lifeplan over the years by managing director Mr Chris Wright, who informed the Lifeplan board last year of his intention to retire this year.
“Chris has been with the organisation for more than 40 years, the last 18 as chief executive, during which time he has made an outstanding contribution to the business’s success. Matt Walsh, presently Lifeplan’s general manager – strategic development, will become head of the Lifeplan business within the merged organisation,” Mr Butler said.
Mr Alan Castleman, chairman of Australian Unity, said that Lifeplan members will now become members of the larger Australian Unity group, which consists of a health business, financial services and retirement living businesses.
“The merged entity will be an organisation of even greater strength with $7.5 billion in funds under management, up to 330,000 members and 560,000 customers, and offices in Melbourne, Brisbane, Adelaide, Perth and Sydney, making it extremely well-positioned for future growth.
“It will provide all members and customers with access to a greater range of services from a much larger and more diverse business.”
Mr Castleman added that the successful merger, at a time of unprecedented global financial and economic uncertainty, showed the benefit of mutual structures and their ability to take a long- term view.
Mr Rohan Mead, group managing director of Australian Unity, said that the merger will further strengthen Lifeplan and all Australian Unity’s lines of business.
“Lifeplan will form a specialist business within Australian Unity Investments, which is led by David Bryant.
“By having access to additional resources, and with the addition of our bonds to its product list, Lifeplan will be well-placed to build on the significant growth and success it has already achieved. It will also benefit from its relationship with Australian Unity’s retirement living, health fund and wider financial services activities.
“The enhanced entity also offers Australian Unity’s businesses a number of benefits, in particular a South Australian presence, as well as the expansion of Australian Unity Investments through the addition of Lifeplan’s specialised product and distribution capabilities,” he said.
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About Australian Unity
Australian Unity is a financial services, health care and retirement living company focused on providing products and services nationally that foster wellbeing for its members, customers, employees and the communities it serves. The organisation has more than 400,000 customers, with funds under management of close to $6.0 billion, and revenue of over $600 million.
About Lifeplan
Lifeplan Funds Management, a specialist funds management organisation, is a market leader in the investments bond and funeral bond markets, and a leading provider of education savings plans. Lifeplan also offers loans and term deposits through its building society. Lifeplan has over $1.5 billion in funds under management.
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