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Mortgages and bonds: The asset management practices of Australian life insurers to 1960

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  • Monica Keneley

Abstract

Recent studies of the experience of the British life insurance industry indicate that a period of transition, and the development of more diversified investment strategies, began in the interwar period. Australian life insurers lagged behind their British counterparts in the introduction of such strategies. This paper investigates why this was the case. It argues that in the Australian market there was both a lack of opportunity and incentive to broaden asset portfolios. However, this did not mean that asset management practices did not advance. Australian life offices became progressively more sophisticated in their approach to portfolio management during this period. Developments in the interwar period provided a grounding for post-war expansion into the equity market.

Suggested Citation

  • Monica Keneley, 2006. "Mortgages and bonds: The asset management practices of Australian life insurers to 1960," Accounting History Review, Taylor & Francis Journals, vol. 16(1), pages 99-119.
    • Handle: RePEc:taf:acbsfi:v:16:y:2006:i:1:p:99-119
    DOI: 10.1080/09585200500505599
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    Cited by:

    1. Monica J. Keneley, 2012. "The Development of the Institutional Investor: The Case of Australian Life Insurers 1945–85," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 52(3), pages 270-292, November.
    2. David A Bogle & Christopher Coyle & John D Turner, 2022. "Capital market development over the long run: the portfolios of UK life assurers over two centuries [Corporate ownership and control in Victorian Britain]," European Review of Economic History, European Historical Economics Society, vol. 26(3), pages 370-398.
    3. Bogle, David A. & Coyle, Christopher & Turner, John D., 2020. "Capital market development over the long run: The portfolios of UK life assurers over two centuries," QUCEH Working Paper Series 2020-09, Queen's University Belfast, Queen's University Centre for Economic History.
    4. Bogle, David & Coyle, Christopher & Turner, John D., 2020. "Capital Market Development Over the Long Run: The Portfolios of UK Life Assurers Over Two Centuries," QBS Working Paper Series 2020/11, Queen's University Belfast, Queen's Business School.

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