Sovereign name ousts Colonial

Sovereign is owned by ASB Bank, which in turn is owned by Australian-listed Commonwealth Bank. Commonwealth also owns Colonial.

The insurer says extensive market research showed the Sovereign brand name was favoured by New Zealand distributors and consumers.

Plans to phase out the Colonial brand in New Zealand are being prepared and the change will be begin gradually over the next few months.

The new Sovereign is New Zealand's largest life insurance company with an annual premium income of $460 million, and the second largest fund manager with funds under management of $2.2 billion.

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