The enforcement actions underscore heightened scrutiny of operational controls and financial reporting at life insurers amid ongoing sccounting reforms.
The deal covers claims with an aggregate face value of about A$2.8bn (US$1.96bn) plus interest, leaving only White Oak's claims of about A$170m outstanding.
Former PROACT Australia co-founder Dave Stott will lead the rebranded business, bringing three decades of experience across underwriting, broking and international markets.
Earnings diversification has increased as overseas and group businesses account for a larger share of profits, supported by expansion in the US market.
AM Best expects underwriting profits from the platform-sold products to improve step by step as they scale, while profitable Samsung-linked commercial business keeps results steady.
