ANZ'S former deputy chief executive, Steven Fyfe, has become chairman of Wellington's Cigna Life Insurance.
Cigna's former chairwoman was its chief executive, Gail Costa, but new regulations required the top post to be an independent director, hence Fyfe's appointment.
Cigna has 180 staff in New Zealand, all in Wellington. It has a call centre is in the heart of the city at its Majestic Centre offices.
Cigna has more than 275,000 customers in New Zealand with specialist life and disability insurance cover. Cigna says its market share is about 4 per cent, and growing.
Companies Office files show Cigna made a profit of $26.7 million in New Zealand last year, up from $16.29m in the previous year. The total profit included a $2m tax credit in the latest year.
Cigna reported premium revenues of $63m, up 6.8 per cent on 2010. Net premium revenue in the latest year was $57.3m, after deducting reinsurance costs. Cigna also reported investment revenue of more than $11m, almost double the previous year's returns.
Cigna paid out $44m in claims and trading expenses, up more than $1m on the previous year. Actual claims expenses were steady at about $14.5m in the last year.
Parent company Cigna is a Fortune 500 company in the US with over US$17 billion (NZ$21b) under management and more than 28,000 staff in 25 countries.
Fyfe also chairs Wellington's Co-operative Bank, formerly the PSIS, and is a director of Crown Asset Management.
Cigna also appointed Graeme Mitchell and Wellington's Norah Barlow as independent directors, as the board expands from four to six. Barlow is managing director of the Summerset Group, and has been the Retirement Villages' Association's president since 2006.
Mitchell is deputy chairman of the External Reporting Board, which is responsible for developing New Zealand's accounting and auditing and assurance standards, as well as a Barnardos New Zealand director. Fairfax NZ
- © Fairfax NZ News
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