UniSuper will switch from Hannover Re Life Australasia to TAL Life Limited for its group insurance arrangements following its regular three-year tender process.
The appointment was the result of the fund's regular review and would come into play at the end of November, TAL executive manager, member and employer solutions, Chris Davies said.
"TAL was the stand-out tenderer due to their willingness to design an optimal solution for UniSuper and ultimately, our members," he said.
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.