Finsure Group has reported its premium aggregation business has grown substantially, with settlements for its expanding broker network up 27% in the 12 months to December 2023.
CEO Simon Bednar (pictured above) said Finsure’s growth had been “incredible” across all facets of the business with its loan book, which reached the $100 billion milestone last year, increasing by 20% year-on-year.
Bednar said the broker network had grown 19% year-on-year, with broker numbers reaching over 3,100, while lodgements had grown 14%.
“This has simply been incredible growth for Finsure during 2023,” he said. “The foundation for this growth has been our diversified lending panel, with commercial and asset brokers enhancing our already-strong mortgage broker family.”
Bednar said he has also noticed an uptick in ex-bank employees transitioning into mortgage broking.
The switch from banker to broker has gained traction in recent years, boosted by stricter regulations for brokers and transferable banking skills.
Bednar said Finsure’s supportive framework, including its 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,” Bednar said.
In July last year, Finsure established Finsure NZ in its first overseas venture.
Based in Auckland and headed by country manager, Jenny Campbell, Finsure NZ aims to “up the ante” in providing support services for New Zealand financial advisers.
Bednar said Finsure is also examining further moves into other international markets, which will 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.
The latest announcement is one of many for Finsure Group.
In September, Finsure offered brokers an investment vehicle, allowing them to refer their high-net-worth clients, with at least $1 million in liquid assets, to the mortgage broker aggregator’s parent company’s multibillion-dollar asset management division.
Yesterday, Finsure also announced a partnership with AIA Financial Wellbeing, the financial advice arm of AIA Australia, to provide its broker network with access to insurance and financial advice.
Additionally, the aggregator i in the midst of a NSW Supreme Court battle with Revenue NSW over payroll tax.
Finsure is part of MA Financial, a diversified financial services business with activities spanning asset management, lending, corporate advisory and equities.
MA Financial manages in excess of $9.2 billion in assets, with a significant strategic focus on credit and lending assets and is a builder of valuable businesses in large addressable markets. MA has been focussed on building a scalable platform in the residential mortgage lending market for several years.
