Metlife has secured a renewal of its insurance mandate with South Australia’s Statewide Super.
The Adelaide-based fund announced it had decided to continue its 18-year relationship with Metlife after conducting an extensive competitive tender process.
Under the new mandate, Metlife has agreed to deliver enhanced death, TPD and income protection insurance at no extra cost.
Commenting on renewal of the mandate, Statewide Super chief executive John O’Flaherty said it had been based on Metlife’s substantial improvement in product offering.
The $75 billion fund has gained exposure to decarbonisation solutions in its first listed equities impact investment.
The superannuation fund is expanding its investment exposure to industrial property through a $1 billion partnership with Barings, a global investment manager.
AustralianSuper has usurped the Future Fund as the biggest Australian asset owner, jumping from 43rd to 36th place globally, according to an annual study by the Thinking Ahead Institute.
IFM Investors, the global institutional asset manager owned by superannuation funds, has signed a memorandum of understanding with the UK government to invest £10 billion by 2027.
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