The nation's fourth largest insurer Tower Australia has told its shareholders it will have a facelift within a year.
Part of the life office's demerger agreement with Tower Ltd, the New Zealand businesses of the group, was to change the brand in five years.
"Our intention is to move sooner than this," Tower Australia managing director Jim Minto said.
"We expect to have a new brand within a year. Work on this is well underway."
During its first general meeting as an Australian Securities Exchange-listed entity, Minto said the firm was well placed in capital terms to invest and expand.
Tower Australia reported net profit after tax of $41 million for 2007, a 29 per cent increase compared to the corresponding period.
In total, 37 per cent of new business is driven by independent financial advisers, compared to 35 per cent from group insurance and 28 per cent from alliances.
Minto has campaigned for taxation arrangements for life insurance premiums held inside and outside superannuation to be made consistent.
He also advocates applying a 15 per cent tax rebate to other forms of life insurance, not just income protection.
Financial Services Reform is onerous and "consumer unfriendly", Minto said.
Steps should be taken by the Federal Government to slash red tape and allow planners to give simple advice on sums of life insurance up to $500,000, he suggested.
Industry research in 2005 indicated death cover under-insurance for 2.47 million families of $1,370 billion.
Tower Australia is the nation's fourth largest insurer with around 11 per cent market share, behind CommInsure, National Australia Bank/MLC and ING Australia respectively.
