Freedom Insurance shares hit all-time low
Shares in Freedom Insurance have fallen to an all-time low after the life insurer was named among 10 firms to appear next month before the financial services royal commission.
Freedom shares fell 17.95 per cent to 32 cents on Tuesday, hitting their lowest level since listing at 35 cents in 2016.
The commission said on Monday that Freedom, Commonwealth Bank, AMP, IAG , Suncorp and five other firms would be the focus of public hearings on the insurance sector from September 10.
The year-long inquiry has uncovered misconduct in the lending, wealth management and pension fund sectors, forcing senior management shake-ups and the resignation of AMP's chief executive.
It will submit an initial report to the government by the end of September.
Shares in CBA and Suncorp were about one per cent higher on Tuesday, while AMP, IAG and the broader market were largely unchanged.
"Freedom will co-operate fully with the royal commission and is committed to addressing any issues that may emerge through this process," the company said in a statement to the ASX.
Freedom will release its 2018 financial year results on Wednesday, it said.
"Freedom does not intend to make any further statement regarding the royal commission prior to the hearing," the company said.
The Australian newspaper reported on Tuesday that the corporate regulator would release a report into the direct sales practices of life insurance companies and it would "feature" Freedom Insurance.
A spokesman for the Australian Securities and Investments Commission (ASIC) said it would release such a report this week, but he declined to comment on any companies included in the review.
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