NZF looks to insurance to diversify business

The company will offer the range home, contents and car insurance range, which will be underwritten by Lloyd's of London, through mortgage brokers in the coming weeks, but has yet to elaborate on the details.

"The new insurance products will basically be targeted at domestic people, not businesses," said Dave Shatford, general manager of investments and insurance. "We see mortgage brokers as a key part of our distribution" and more products NZF can offer brokers should increase loyalty to the company, he said.

Still, Shatford said home loans was going to continue as the company's core business, and while he expects decent uptake in the insurance products, he doubts it will be a major portion of the company's earnings.

Chairman Richard Waddel told shareholders at the annual meeting last week the company needed to diversify its business and move away from "total dependence on finance company operations," by offering home loans and leveraging its new KiwiSaver business through Huljich Wealth Management.