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Freedom Insurance Group (FIG)

Freedom Insurance Group is the owner of the Freedom Insurance ("Freedom") and Spectrum Wealth Advisers ("Spectrum") brands.

Until September, 2018 Freedom offered a range of simple insurance solutions direct to consumers through its call centre, usually on a no advice basis. Currently, Freedom is not offering insurance products to new customers and has transitioned its administration service business for existing customers to new service providers.

Spectrum offered more complex insurance solutions with a range of fully underwritten products. From June 2019, Spectrum will no longer provide financial services through its adviser network.

Important Note to Shareholders

Please be advised that Freedom Insurance Group Ltd shares are currently in suspension and cannot be traded on the ASX. As part of the complex process of winding down the company and its various businesses, the Board continues to assess possible options and hopes to provide shareholders with some return of capital before the end of this calendar year. This remains subject to regulatory obligations applying to both the ASX listed holding company and its subsidiary companies and the need to meet any other outstanding liabilities of the group, some of which are unable to be quantified at this point in time. Unfortunately, we are unable to provide investors with more detailed information on the likelihood and timing of a return of capital beyond this.

For additional information, please refer to the various media releases shown on the "Announcements" page of the Investor section of this website.

Financial Statements (FY2019)

Please note that the financial statements for the year ended 30 June 2019 were released to the ASX on 3 October 2019 and have now been uploaded to the website and these contain some further information that investors might find helpful.

Annual General Meeting

Freedom is intending to hold an Annual General Meeting where it is anticipated that an update on the winding down process will be provided to shareholders. The date for the AGM will be announced shortly and is likely to be late November 2019.

History

Click on the dates below to find out more

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2009
  • Keith Cohen (Founder and current Managing Director) established Freedom Insurance (“Freedom”) in late 2009
2010
  • Freedom commenced distributing life insurance in October 2010
  • The initial product was developed by Freedom and issued by AIA
  • AIA handled administration with Freedom performing all customer service functions, including claims administration
2010 to 2014
  • Ongoing investment in marketing, lead generation, training and compliance resulted in sales growing to $1m New Business Annual Premium Income per month
2014
  • A revised product range, issued by NobleOak was launched in April 2014
  • Freedom invested further in its infrastructure and operations in order to undertaken its own policy administration services for Freedom products
2015
  • Freedom acquired Spectrum Wealth Advisers enhancing its distribution reach and providing significant new growth opportunities
  • Sales grew to $2m New Business Annual Premium Income per month
2016
  • Successful integration of Spectrum & accelerated growth in adviser numbers
  • Sales grew to $4m New Business Annual Premium Income per month
  • Listed on Australian Stock Exchange (ASX:FIG)
2017
  • Transition to new Insurer (Swiss Re) and launch of the new Freedom Protection Plan
  • Launch of Freedom Loan Protection
  • Launch of Freedom Premium Life & Essential Life
  • Sales grew to $4.8m New Business Annual Premium Income per month
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