Finsure reports 27% growth in settlements

Chief executive Simon Bednar said Finsure’s growth had been “incredible” across all facets of the business with its loan book.

Mr Bednar drew attention to the aggregator’s recent milestone of its loan book growing to $100 billion, which was reached in October 2023 and represented an increase of 20 per cent year on year.

At the time of this milestone’s announcement, Finsure also confirmed that it had hit another “all-time record” settlement month in August of $4.16 billion.

Mr Bednar further stated that the broker network had grown 19 per cent year on year, with broker numbers reaching over 3,100, while lodgements had grown 14 per cent.

“This has simply been incredible growth for Finsure during 2023.

“The foundation for this growth has been our diversified lending panel, with commercial and asset brokers enhancing our already-strong mortgage broker family,” Mr Bednar said.

He continued: “We’ve also noticed an uptick in ex-bank employees transitioning into mortgage broking.”

“Finsure’s supportive framework, including our broker academy, has been helping them to successfully establish and launch their businesses.

“With such a robust framework, we feel we are well placed to meet our network growth targets in 2024.”

Further results are expected when Finsure’s parent company, MA Financial, releases its financial report in the coming days.

Overseas expansion

Mr Bednar also stated that the aggregator is “examining further moves” into other international markets to provide its brokers with “opportunities to explore and expand into additional markets”.

“We are looking to become the first truly global premium aggregator offering multi-award-winning marketing, technology and business support services,” he said.

Finsure established Finsure NZ in July last year in its inaugural overseas venture, based in Auckland. The NZ arm is currently headed up by country manager Jenny Campbell.

The aggregator stated it aims to “up the ante” in providing support services for New Zealand financial advisers.

Recent moves

Earlier this week, Finsure announced a partnership with the advice arm of AIA Australia, AIA Financial Wellbeing.

Damien Thompson, Finsure’s head of diversified and asset finance, commented that bringing AIA Financial Wellbeing onto the aggregator’s panel will allow brokers to help clients with financial planning, life cover, income protection, total and permanent disablement, trauma insurance and health insurance.

[RELATED: Finsure partners with financial advice business]