British entrepreneur Richard
Branson is to take on the challenge of breaking into Australia’s
competitive life insurance market in early 2011.

Using the existing Virgin Money
base in Australia, the assault will be in partnership with
Australian life insurer TOWER Australia Group (TAG).

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Graphic showing new business won by Tower Australia Group from 2008 to 2010Virgin Money
Australia MD Matt Baxby said: “Our new partnership with TOWER
Australia is good news for the insurance sector and better news for
Australian consumers.

“Combining TOWER’s unquestionable
reputation and infrastructure with the Virgin brand, we will be
delivering a straight-talking, great-value product which is what
people have come to expect from us.”

He continued that there is a lot of
opportunity for Virgin Money in the life sector given that research
shows that 95% of Australian families in Australia do not have
adequate insurance cover.

In teaming up with TAG, Virgin
Money has aligned itself with one of the country’s most ambitious
insurers.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The only specialist life insurance
company listed on the Australian Securities Exchange, TAG has
in-force premium of more than A$1bn ($960m) giving it an 11% market
share, the fourth-highest in Australia.

TAG has recorded a 15% CAGR in
in-force premium over the past 15 years and provides cover to some
2.5m people.

TAG has also attracted the interest
of Dai-ichi Life, the second-largest life insurer in Japan.

Dai-ichi made its first move in
September 2008 when it acquired a 29.7% stake in TAG from UK
investment company Guinness Peat Group for A$376m.

Dai-ichi followed this up in March
2010 when it gained regulatory approval to increase its stake in
TAG to 49.9%.

TAG is itself on the acquisition trail and is reported by
Australian media to have made a NZ$118m ($87m) takeover bid for New
Zealand life insurer and retail asset manager Fidelity Life.