Macquarie Group has revised its earnings outlook. After reporting earlier this month that it expected the result for the year to March to be “slightly down” on 2019/20, the group said yesterday that the result will up between 5 and 10 per cent. Extreme weather events in North America have significantly increased demand for “Macquarie’s capabilities in maintaining critical physical supply across the commodity complex and particularly in relation to gas and power”.

 

ANZ has sold a portfolio of in-force insurance policies to insurer Tower Ltd for A$14 million. Tower provided insurance for ANZ and NAB customers between 1990 and 2009 and continues to cover around 23,000 people under those policies. On completion of the transaction the ANZ customers will be insured directly by Tower under Tower branded policies. Premiums from the ANZ portfolio contributed A$40 million to Tower’s gross written premium in 2019/20.

 

Former Resimac chief executive Mary Ploughman has joined the board of small business lender Prospa Group as an independent non-executive director. Ploughman is the chair of consumer lender Plenti, which listed on the ASX last year and is a senior adviser at Gresham Partners.