Michael Pillemer

Specialist insurance company PPS Mutual has announced its tenth consecutive annual Profit-Share allocation, with its Profit-Share pool reaching A$19.6 million at the end of the 2025-26 financial year, up 30% on the previous year.

A further A$4.7 million was assigned to Members’ Profit-Share Accounts during the year, a 24% increase in the annual allocation. The milestone closes out a landmark anniversary year for PPS Mutual, which marked a decade in the Australian market in June and has now shared profits with Members every year since inception.

Since launching in Australia in 2016, PPS Mutual has built the only Profit-Share model of its kind in the Australian life insurance market. Under the model, Members may receive a share of the profits generated by their policies, based on factors including operating margins, claims experience and investment returns. For 2025-26, PPS Mutual declared Profit-Share rates of 3.15% of premiums and 6.5% of opening balances. PPS Mutual’s membership has now grown to more than 18,000 professionals.

PPS Mutual Chief Executive Officer Michael Pillemer said the tenth annual assignment represented an important milestone for the business and its Members: “A decade ago, we set out to prove that mutuality is not a nostalgic alternative to modern insurance, but a durable one – an ownership model where the interests of the life insurance company and the insured are directly aligned. Ten consecutive annual Profit-Share assignments and a pool now approaching A$20 million provide the empirical case for that thesis. When those interests are aligned, value can build over time and be shared with the Members who helped create it.”

Individual Member balances continue to build meaningfully. The highest Profit-Share Account balance held by a Member now stands at A$54,000, with 131 Members holding balances above A$10,000 and 489 Members above A$5,000.

“Behind each of those balances is a professional receiving additional long-term value alongside the life insurance protection they hold,” Pillemer added. “That is the power of the model – the life insurance protecting Members and their families can also build additional value for them over time. Seeing those balances become meaningful for a growing number of Members is one of the outcomes we are proudest of.”

As the earliest Members reach the ten-year access threshold, funds are increasingly flowing back to them directly. To date, 54 Members have withdrawn more than A$239,000 collectively, including five Members who have accessed more than A$10,000, 17 who have accessed between A$5,000 and A$10,000, and 32 who have accessed up to A$5,000.

The growth in Profit-Share Account balances is also creating an increasingly meaningful source of value across PPS Mutual’s accredited adviser network. Thirty-eight advisers now have more than A$100,000 in combined client Profit-Share Account balances, while eight advice firms have combined client balances exceeding A$500,000 and three have balances exceeding A$1 million.

“Risk advisers are central to everything we have built,” Pillemer said. “The fact that 38 advisers now have more than A$100,000 in combined Profit-Share Account balances across their clients is a strong indication of the trust they have placed in the model, and trust is not given lightly in this industry. Advisers support the model because they can see it delivering value for their clients over the life of a policy. When an insurer’s interests are aligned with the people it serves, advisers have a proposition they can confidently stand behind for the long term.”

This engagement is also reflected in PPS Mutual’s standing among advisers. The company has recorded the leading Net Promoter Score in the Australian life insurance industry for four consecutive years, most recently achieving an NPS of 54.8 against an industry average of 9.5.

PPS Mutual has also been named Best Retail Life Insurer of the Year in successive Adviser Ratings surveys. Its annual lapse rate of 6.4% compares favourably with the industry average of 14.3%.* The company is a member of both the Business Council of Co-operatives and Mutuals and the International Cooperative and Mutual Insurance Federation, reflecting its position within the Australian and global mutual and cooperative movement.

“Our first decade was about proving the model,” Pillemer continued. “Our next is about scaling it – deepening the value we return to Members and extending the affinity dividend that comes from building around a defined group of professionals. Ultimately, our ambition is to deliver better long-term outcomes by ensuring the success of the business is shared with the Members who make it possible.”

PPS Mutual’s life insurance products are available exclusively through accredited independent financial advisers. Members must retain their policies for ten years to gain partial access to their Profit-Share funds, with withdrawals of up to 5% of the balance permitted each year. Full access is granted after 20 years, when Members reach age 65, or in the event of death, terminal illness or certain other qualifying circumstances.

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*Source: NMG Retail Advice Channel Risk Distribution Monitor as of 30 June 2026

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Avanti Patki

Specialist risk insurance business PPS Mutual has announced the appointment of Matthew Pilcher to the newly created role of Director of Strategy, as the mutual enters the next phase of its growth following its tenth anniversary in the Australian market.

Avanti Patki, currently Senior Product Actuary (Member Strategy & Engagement Manager), has been appointed Head of Product, reporting to Pilcher. Both appointments take effect from 1 October 2026.

The creation of the Director of Strategy role reflects the scale PPS Mutual has reached since launching in Australia in 2016. In the role, Pilcher will lead PPS Mutual’s long-term strategy, identifying opportunities to deliver ongoing value to its Members, and will take responsibility for new initiatives across the business.

Pilcher joined PPS Mutual in 2014, ahead of its Australian launch, and has served as Director of Proposition for more than a decade. In that role he was instrumental in designing Professionals Choice, PPS Mutual’s specialist life insurance offering, to be the top-rated product for its professional Member base. He was also key in launching the PPS Mutual Super Fund in 2019, allowing eligible professionals to fund their premiums through superannuation. Prior to PPS Mutual, Pilcher spent 14 years at Munich Re of Australasia, most recently as Manager, Client Solutions.

Commenting on his appointment, Pilcher said: “I’ve been part of this journey since before we launched, and seeing PPS Mutual grow to more than 18,000 Members and approaching A$150 million of in-force premiums has been remarkable.

“But scale isn’t the goal in itself. What it gives us is the capacity to do more for the professionals who own this business, and for the advisers who look after them. As a mutual, every opportunity we pursue has to pass a simple test: does it deliver value and peace of mind to our Members and their families? That’s the lens I’ll bring to this role as we look at where we go next.”

As Head of Product, Patki will lead the development, pricing and ongoing evolution of PPS Mutual’s specialist product suite, including its Professionals Choice offering, as well as responsibility for PPS Mutual’s Member eligibility.

Patki brings more than a decade of specialised actuarial, strategy and financial modelling experience across the life insurance and wealth management sectors. Since joining PPS Mutual in 2021, she has been integral to expanding the mutual’s professional eligibility frameworks and has been a strong advocate for sustainable, long-term value within member-owned insurance models. Before PPS Mutual, she held actuarial roles at Macquarie Group and AMP, spanning insurance pricing and profitability, asset liability management, strategy and valuations. She is a member of the Actuaries Institute, where she has been a member of the Life Insurance Professional Practice Sub-Committee and hosted major networking initiatives.

Commenting on her appointment, Patki said: “Our Professionals Choice suite was built on a clear premise: that cover should be designed around how professionals’ careers and lives actually unfold. My focus will be on keeping it that way.

“That means making sure the product evolves as our Members’ needs change, is priced sustainably for the long term, and is accessible to more of the professionals who can benefit from it. Because the value we create stays with our Members, we have a real responsibility to get the product right. I’m grateful for the opportunity, and excited to lead a team that shares that commitment.”

PPS Mutual Chief Executive Officer Michael Pillemer congratulated both on their appointments: “I’m delighted to see Matt and Avanti step into these roles. Matt has helped shape PPS Mutual from the outset, and Avanti has brought wide-ranging expertise to our product work and helped expand the range of professionals we can serve.

“We have always said that being a mutual should shape the decisions we make, not simply describe our ownership structure. As we enter our second decade, we have the opportunity to do more for the professionals who have placed their trust in us. I know Matt and Avanti will keep our Members at the centre of what comes next, and I’m excited to see what they achieve with the wider PPS Mutual team,” Pillemer concluded.

The appointments build on a strong track record in the Australian market: PPS Mutual has been named Best Retail Life Insurer by Adviser Ratings for three consecutive years, and its annual lapse rate of 6.4% compares favourably with the industry average of 14.3%.*

As a mutual, PPS Mutual is owned by its Australian Members, who share in the profits of the products they buy. The company is a member of both the Business Council of Co-operatives and Mutuals and the International Cooperative and Mutual Insurance Federation, reflecting its position within the Australian and global mutual and cooperative movement.

PPS Mutual is supported by PPS South Africa, which serves the largest multi-disciplinary group of professionals in the world and is South Africa’s largest mutual company. Dating back to the 1940s, over the last 10 years PPS South Africa has shared more than $3 billion in profits with its Members.. PPS Mutual’s life insurance products are available exclusively through accredited independent financial advisers.

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Notes:
*Source: NMG Retail Advice Channel Risk Distribution Monitor as of 30 June 2026

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Michael Pillemer

PPS Mutual, Australia’s only retail life insurance mutual exclusively serving qualified professionals, this week marks its tenth anniversary – and with it, what a decade of putting Members before shareholders actually looks like: nine consecutive Profit-Shares, $76 million in claims paid, and lapse rates a third of the industry average.^[1]

What began as a niche, purpose-built offering for Australian professionals – doctors, lawyers, engineers, dentists and others – entering a retail life insurance market long dominated by large institutional and shareholder-owned insurers, has grown into a recognised, multi-award-winning business with 17,336 Members^[2] and $131 million^[2] in-force premiums. Every one of those Members has a stake in the business that protects them and, every year since inception, they have shared in its profits.

A Profit-Share that has grown sixfold

The hallmark of PPS Mutual’s mutual model is its annual Profit-Share – a feature unique in the Australian retail life insurance market. From the very first year of operation, profits have been assigned to Members rather than distributed to external shareholders. Over the decade, the Profit-Share pool has grown almost sixfold, reaching $15 million in FY2024–25 – with the most recent assignment allocating approximately $4 million to Members.

The compounding effect is becoming tangible. More than 100 Members have accrued Profit-Share Account balances exceeding $10,000, with 17 surpassing $20,000 and nearly 400 holding balances above $5,000. Three advice firms now manage more than $1 million in client Profit-Share Account balances – a figure that would have seemed ambitious a decade ago.^[3]

As of 11 May 2026, PPS Mutual has authorised $256,037 worth of Profit-Share releases to Members – funds that Members would not have received had they been insured with any other provider in Australia.

Michael Pillemer, Chief Executive of PPS Mutual, said the anniversary was a moment to reflect on what a decade of consistent execution had built.

“When we launched in Australia in 2016, the mutual model was largely unknown in the local life insurance market. We had to earn trust – from advisers, from Members, and from the broader industry. What the last ten years have shown is that when you build a business entirely around the interests of the people it serves, and back that with a product that genuinely delivers, people stay. They refer their colleagues. They see their Profit-Share Accounts grow. Through market volatility, a global pandemic, and significant regulatory change, we have shared our profits with Members every year since inception. That consistency is the clearest signal that the model works.

“As we enter our second decade, our job is simply to keep doing what we said we would do – and to do it for more Australian professionals. The number I’m most proud of is the $76 million we’ve paid in claims.^[4] Everything else – the Profit-Share, the retention, the awards – is only meaningful if we deliver when a Member needs us most. That is what this model exists to do,” Pillemer noted.

Delivering when it matters most

Over its first decade, PPS Mutual has paid claims to Members across Life, Trauma, Income Protection, Total and Permanent Disability (TPD) and Business Expenses (BEX) insurance. The 100% claims paid rate on Life and TPD^[13] – with average payments of $762,000 and $933,000 respectively^[13] – reflects the precision of a product built exclusively for professionals. Income Protection claims total over $29 million at a 94% paid rate, with Trauma at the same rate, and Business Expenses at 97%.^[13]

The industry’s most loyal members

Perhaps no measure better reflects PPS Mutual’s first decade than retention. The company has maintained the lowest lapse rate in the Australian retail life insurance industry over ten consecutive years – a distinction that is both a commercial outcome and a statement of Member trust.

For the rolling 12 months to December 2025, PPS Mutual’s annual lapse rate stands at just 5.4% against an industry average of 14.3%^[5] – Members are only about a third as likely to let their cover lapse than the Australian average.^[6] The alignment is by design: Members who stay benefit from growing Profit-Share Account balances, while the business benefits from the premium stability that only a committed, long-term Membership base can deliver.

An adviser community built on exclusivity and trust

PPS Mutual’s products are distributed exclusively through a carefully accredited network of over 2,000^[7] independent financial advisers. This deliberate approach to limited distribution means the company can invest more deeply in each adviser relationship, and ensures Members receive advice from professionals who genuinely understand the mutual model and the clients it serves. That investment has been recognised. PPS Mutual has been named Best Retail Life Insurer by Adviser Ratings for three consecutive years – 2023, 2024 and 2025 – with an NPS of 54.8 against an industry average of 9.5, drawn from more than 3,000 adviser responses.^[8]

The 2025 Adviser Ratings Financial Advice Landscape Report placed PPS Mutual first across six adviser satisfaction measures including product range, business development support, understanding of client needs, trust and overall quality.^[9]

The feeling among advisers, a decade in, speaks for itself.

“Congratulations to the ever-growing team of professionals at PPS Mutual. You have now been helping Australians for a decade. Having worked with PPS Mutual from Day 1, I am grateful for the care on all levels of the business. I appreciate how you view your members and team and the impact this has had on premiums, claims and cover offered to people that need it. I look forward to seeing many more years where PPS Mutual grows and helps more Australians in protecting what is precious to them.”

Serena West, Partner WA / Principal Adviser – MBS Insurance

“The PPS Mutual proposition is highly unique in the market place.  But a product, that is designed specifically for professionals means they are able to design for the nuances of that market.  This sets the key aspects of the product apart! And in a world where all businesses are shareholder value driven, PPS Mutual have our clients best interest at heart with their mutual model.  It helps us feel very comfortable that the three of us (ourselves, the client and the insurer) are in this together for a long term relationship. We’ve loved working with the team at PPS, the service levels, like the product are always premium!”

Paul Milbourne – Business & Personal Insurance Specialist, Milbourne Insurance Solutions

Invested in the industry and beyond

PPS Mutual’s commitment to the professional community extends well beyond its own membership. The company is a longstanding sponsor of the Australian Medical Association (AMA), Engineers Australia, and the RiskInfocus Risk Advice CPD Tour – the life insurance industry’s premier professional development series – reflecting its focus on strengthening the advice profession.

In 2025, PPS Mutual launched the inaugural Risk Practice of the Year Award, attracting more than 30 applications in its first year and recognising advice practices that are helping build a stronger, more sustainable future for life insurance in Australia. Personal Risk Professionals (Brisbane) was named the inaugural winner.

Beyond the industry, PPS Mutual has nominated Pankind – the Australian Pancreatic Cancer Foundation, as its corporate charity – engaging staff and Members in support of one of Australia’s most underfunded cancers.^[10]

Stable leadership and a foundation built to last

One of the most equally important contributors to PPS Mutual’s decade of consistency has been the stability of its leadership. Michael Pillemer has served as Chief Executive since the company’s Australian launch in 2016, and aside from the retirement of Brian Pillemer (who still serves on the board), the senior management team has remained the same across the organisation’s first ten years. In a market that has seen significant change over the past decade, PPS Mutual’s continuity of leadership has meant continuity of purpose – the same people who made commitments to advisers and Members in 2016 are still here to honour them in 2026. This consistence also applies across the PPS Mutual team. In an industry which has seen a large amount of staff turnover, PPS Mutual has had less than 5% per annum staff turnover over the past decade – something the leadership team are very proud of.

Behind the Australian operation sits PPS South Africa – the world’s largest multi-disciplinary group of graduate professionals, with over 80 years of mutual insurance experience and more than $3 billion in profit share assigned to its own Members over the last decade. It is a proven foundation from which the Australian business has drawn both confidence and credibility – and a reminder that the model PPS Mutual brought to Australia has been delivering for professionals around the world for generations.

PPS Mutual’s life insurance products are available only through accredited independent financial advisers. Members must retain some cover for 10 years to gain partial access to their Profit-Share Account, with withdrawals of up to 5% of the balance permitted each year. Full access is granted after 20 years, at age 65, or in the event of death, terminal illness or certain other qualifying conditions.

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Notes:
[1] Lapse rates referenced reflect PPS Mutual’s performance over the 10-year period to March 2026, with the most recent rolling 12-month rate of 5.4% compared to an industry average of 14.3% (Source: NMG Report, rolling 12-month rate to December 2025). Profit-Share history available at: ppsmutual.com.au/9th-profit-share/
[2] As of 30 April 2026
[3] PPS Mutual Reaches $15m Profit-Share Milestone – PPS Mutual Australia
[4] 9th Profit Share – PPS Mutual Australia
[5] NMG Report on Rolling 12-month rate to Dec 2025
[6] PPS Mutual recognised in adviser ratings report – PPS Mutual Australia
[7] As of 30 April 2026
[8] Life Insurance Adviser | Insurance Quotes | PPS Mutual
[9] Life Insurance Adviser | Insurance Quotes | PPS Mutual
[10] Partner with Pankind
[13] As of 1 July 2025
[14]  As of 14 May 2026

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Launched by sponsor and specialist risk insurer PPS Mutual, who distribute solely through financial advisers, the Risk Practice of the Year Award was established to celebrate the vital role advisers play in achieving quality outcomes for Australians and to recognise advice practices where life insurance sits at the core of the business model, culture and client proposition. Open to firms generating more than 50 per cent of annual new business revenue from life insurance-related business, the award assessed performance across customer excellence, commercial strategy, continuous improvement, cultural strength and industry contribution.

Michael Pillemer, CEO of PPS Mutual, said Personal Risk Professionals exemplified the intent and purpose of the award.

“Risk advice has never been more complex or more important. The profession is operating under intense regulatory and operational pressure, yet advisers continue to play a critical role in protecting Australians at their most vulnerable moments.

“In that context, we congratulate Personal Risk Professionals on being named the 2026 PPS Mutual Risk Practice of the Year. While the other finalists showed notable excellence across particular dimensions – namely client and claims advocacy, adviser development and community contribution – the independent panel judged that PRP was the most complete and robust example when assessed against all criteria as a whole. The panel also placed strong weight on PRP’s active involvement in industry association committees, regulator forums, and insurer advisory boards, as well as their participation in parliamentary engagement in Canberra to explain the impact of reforms on advisers and advocate for the strengthening of the profession,” Pillemer continued.

“The judging panel also noted the high calibre of finalists, reflecting the depth of capability and commitment across the specialist risk advice profession and the high standard of advice being delivered nationally,” Pillemer noted.

Mark Everingham, Managing Director and Partner of Personal Risk Professionals, said the award was a reflection of the firm’s values and the trust placed in the team by clients and professional partners.

“Being named PPS Mutual Risk Practice of the Year is an incredibly humbling moment for our entire team. This award represents far more than professional recognition – it reflects the trust our professional partners and clients place in us, particularly at the most vulnerable moments of their lives, and the values that have guided Personal Risk Professionals since day one: hope, kindness, bravery and honesty.

“The advice industry has faced profound change over the past decade – regulatory reform, rising complexity and a growing shortage of specialist risk advisers. To be recognised in this environment reinforces our belief that high-quality life insurance advice, delivered with genuine care and strong claims advocacy, remains critical to protecting Australian families and businesses,” Everingham said.

“We’re deeply proud of our people, our culture and our contribution to strengthening the profession, and we’re excited about the future as we continue to invest in the next generation of specialist risk advisers and raise the standard of advice across our industry,” Everingham concluded.

As part of the award, PRP will participate in Q&A sessions at each event on the Riskinfocus 26 Risk Advice CPD Tour, Australia’s premier life insurance professional development program, sharing insights with advisers nationwide.

PPS Mutual is supported by PPS South Africa, the largest multi-disciplinary group of professionals in the world and the largest mutual company in South Africa since the 1940s – sharing over $3 billion in profits with Members over the last 10 years. PPS Mutual is owned by its Australian Members who share in the profits of the products that they buy.

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Daniel Waller

Specialist insurer PPS Mutual has announced the appointment of Daniel Waller as Head of Distribution, marking the next phase in its national growth and adviser engagement strategy. Mr Waller succeeds Brian Pillemer, who is retiring after playing a key role in establishing and growing PPS Mutual in Australia.

In his new role, Mr Waller will lead PPS Mutual’s distribution strategy, strengthening adviser relationships and expanding the reach of its professional insurance offering. He will play a central role in driving growth through collaboration, engagement, and service excellence across the adviser network.

Mr Waller brings more than 30 years of financial services experience, with deep expertise in distribution leadership, adviser engagement, and strategic business development. He has held senior roles at leading financial institutions including Resolution Life, Asteron Life, OnePath, and ING, where he led initiatives that strengthened partnerships and supported advisers in delivering exceptional client outcomes.

He joins PPS Mutual amid a period of sustained growth and recognition. The business has now surpassed 15,000 Members, reached $106 million in total in-force premiums, and achieved a $15 million Profit-Share Pool milestone for FY2024–25. For the third consecutive year, PPS Mutual was recognised as Australia’s highest-rated insurer in the Adviser Ratings Australian Financial Advice Landscape 2025 report, achieving a Net Promoter Score of 54.8 – nearly six times higher than the average of 9.5 among insurers in the report.

Commenting on his appointment, Mr Waller said: “After taking the past three years to focus on my young family, I’m really looking forward to returning to the industry with PPS Mutual. I’ve always admired how it operates as a true mutual, where Members share directly in the success of the business. Joining at a time of record membership and Profit-Share Pool is a great opportunity to strengthen adviser partnerships and help deliver even more value to Members.”

Chief Executive Michael Pillemer said the appointment marks an important next step in the firm’s growth story: “Daniel’s depth of experience across distribution, partnerships, and business integration makes him an outstanding addition to our leadership team. As PPS Mutual continues to expand its national presence and deepen adviser engagement, Daniel’s strategic insight and leadership will be instrumental in shaping our next phase of growth. He brings a strong understanding of what drives success in this industry: trust, collaboration, and long-term value for Members.”

Reflecting on his tenure, outgoing Director of Distribution Brian Pillemer said: “Having been part of PPS Mutual from its inception, it has been incredibly rewarding to see the mutual model thrive and make a tangible difference to our Members and the advice community. I am proud to pass the baton to Daniel, who brings the right mix of experience, energy, and alignment with our values.”

PPS Mutual is supported by PPS South Africa, the largest multi-disciplinary group of professionals in the world and the largest mutual company in South Africa since the 1940s – sharing over $3 billion in profits with Members over the last decade. In Australia, PPS Mutual is owned by its Members, who share in the profits of the products they hold.

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Dr. Asher, an actuary and Associate Professor at UNSW Business School, joined the PPS Mutual Board in 2024 and brings decades of experience across the financial services sector, academia, and industry bodies. His career includes senior roles with Prudential in South Africa, APRA, and Deloitte in Australia, alongside longstanding involvement with the Actuaries Institute and the non-profit sector.

He takes on the role at a time of strong momentum for PPS Mutual, which has recently surpassed 15,000 Members and $106 million in in-force premiums. The business has also been named Australia’s highest-rated insurer for three consecutive years, achieving an industry-leading Net Promoter Score of 54.8 in the Adviser Ratings Australian Financial Advice Landscape 2025 report, while ranking first in six major adviser satisfaction categories including trust, reputation, and client understanding.

Chief Executive Michael Pillemer said Dr. Asher’s appointment marks an important next chapter for the mutual: “Anthony’s unique blend of industry expertise, governance experience and vision makes him the ideal leader to chair our Board at this exciting stage of PPS Mutual’s journey. He brings not only deep technical and governance expertise but also a principled, values-driven outlook. His leadership will help ensure that PPS Mutual continues to grow sustainably while staying true to its mission of serving the needs of Australian professionals.”

Dr. Asher said he was honoured to step into the Chair at a time when PPS Mutual is increasingly recognised for the strength of its model: “The foundation of PPS Mutual lies in alignment with our insured Members – when the company succeeds, Members share directly in that success. That creates a culture of trust that is rare in the insurance sector. I look forward to working closely with the Board, Michael, and his executive team to continue building on this success and ensuring that we deliver consistently for Members and advisers into the future.”

Reflecting on his tenure, outgoing Chair Mike Jackson said it had been a privilege to contribute to PPS Mutual’s development in Australia and to witness the renewed reputation of mutuals globally.

“Over my career I have seen many industry models tested, but mutuals have consistently stood out for their resilience. Globally, during the Global Financial Crisis and again in the pandemic, they held stronger reserves, responded flexibly, and put Members’ interests first. For me, that strength lies in a model that balances commercial discipline with a genuine commitment to the people it serves. It has been rewarding to see that ethos take root in Australia through PPS Mutual, and I am confident Anthony will continue to guide it with the same focus. I look forward to supporting him during the transition.”

PPS Mutual is supported by PPS South Africa, the largest multi-disciplinary group of professionals in the world and the largest mutual company in South Africa since the 1940s – sharing over $3 billion in profits with Members over the last 10 years. PPS Mutual is owned by its Australian Members who share in the profits of the products that they buy.

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Michael Pillemer

Specialist risk insurer PPS Mutual has launched the inaugural 2026 PPS Mutual Risk Practice of the Year Award. This landmark award celebrates excellence in risk advice nationwide.

The award will spotlight advice practices that generate greater than 50% of their annual new business revenue from life insurance-related advice. Entrants will be assessed across five core pillars: customer excellence, commercial strategy, continuous improvement, cultural strength, and industry contribution.

Michael Pillemer, CEO of PPS Mutual, said the award comes at a pivotal moment for the profession: “The life insurance industry has endured an unprecedented wave of regulatory change, rising compliance obligations, and increasing operational pressures. Delivering quality risk advice is now more complex and challenging than ever. Yet advisers remain central to protecting Australians’ financial futures.

“Risk advice is the bedrock of financial security for millions of people – but it is also one of the most underappreciated parts of our industry. Through this award, we want to recognise those advice practices that are excelling under pressure, setting new standards, and helping to build a stronger, more sustainable future for life insurance in Australia. Importantly, this award isn’t just about recognition – it’s about empowerment. By elevating the winner’s profile and growth potential, we’re investing back into the advice community we serve exclusively.”

The winner will be announced ahead of the Riskinfocus 26 Risk Advice CPD Tour, Australia’s premier life insurance professional development event. As part of their prize, the winning practice will take part in Q&A sessions at each of the six Riskinfocus 26 events nationwide, sharing their philosophy and insights with peers across the country. Their travel and accommodation will be included, along with a complimentary table of eight at their hometown Riskinfocus 26 event.

To further support business growth, the winner will also receive a strategic marketing tailored prize package including:

• A technical SEO review and growth report from Jaywing, a data-driven digital agency specialising in SEO, analytics, and performance marketing, to improve online visibility and business performance.
• Eight custom social media posts and a complimentary graphic design package to promote their service offering.
• A media release developed and distributed by Madden & Assoc., a Sydney-based specialist communications firm focused exclusively on financial services.

The judging panel features some of the most respected leaders in the life insurance and advice sector, including:

• Angus Woods, Managing Director of Adviser Ratings
• Sue Laing, Technical Director at The Risk Store Consulting
• Peter Sobels, Publisher of Riskinfo
• Marc Fabris, Digital Consultant and Founder of Risk Hub
• Sue Viskovic, Head of Consulting at Vital Business Partners

Applications are now open and close on 27 October 2025.

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Angus Woods

Specialist risk insurance company PPS Mutual has retained its position as Australia’s highest-rated insurer for the third consecutive year, achieving an industry-leading Net Promoter Score (NPS) of 54.8 in the Adviser Ratings Australian Financial Advice Landscape 2025 report.

These results place PPS Mutual in a commanding lead, with an NPS nearly six times higher than the average of 9.5 among insurers in the report, reflecting the strength of its ‘values-based’ mutual model and the trust it has built with a specialist network of accredited advisers and professional Members.

In addition to topping the NPS rankings, PPS Mutual ranked first in six major adviser satisfaction categories – including product comprehensiveness, BDM support, quality, reputation, trust and understanding client needs – and placed second in competitiveness, adviser support, reporting quality and claims handling.

PPS Mutual’s results are driven by a deliberate, long-term approach to growth – serving a defined community of professionals in high-value, high-complexity occupations such as medical specialists, engineers, lawyers, and other experts in specialised industries, through a select network of accredited risk advisers. This market focus, coupled with a deep understanding of adviser and client needs, has created a model built for long-term sustainability – one that delivers superior outcomes through a distinctive proposition, aligned underwriting, and a strong adviser network.

Outperforming a recovering market

The retail life insurance sector has faced significant headwinds over the past decade. New business volumes fell 44% between 2018 and 2024 following the introduction of the Life Insurance Framework (LIF), the Hayne Royal Commission, spiralling premiums, and higher professional education and exam requirements for advisers. This led to a sharp reduction in adviser numbers, fewer advisers writing life insurance, and increased lapse rates.

Adviser Ratings data now points to a turning point, with new business up 11.4% between 2023 and 2025 and adviser authorisation for life insurance rising from 74% in 2019 to 84% in 2025. Meanwhile, PPS Mutual has grown its share of new business to 5.4% in 2025 – up from 2.6% in 2021 – representing almost $17 million in new business written in the past year. In the June quarter of 2025 alone, PPS Mutual’s share rose to 6.9% of all new business written, reflecting strong and sustained demand for its specialist mutual model.

This growth is reinforced by:

• In-force premiums reaching $106 million in FY25 (up $22 million on 2024).
• Membership surpassing 15,000 in August 2025.
• A 3-year compound annual growth rate of 28%.
• A young member base (with 60% of members age 40 or younger) underpinning long-term earnings growth.
• Exceptionally low lapse rates of 5% overall (which includes Members reducing their cover), compared with an industry average of 14.2%[1].
• A phenomenally low Member lapse rate of 1.6% which includes Members retiring, dying and policies expiring.

Angus Woods, Founder and Managing Director of Adviser Ratings, said the 2025 results marked a decisive break from the prolonged contraction that followed major industry reforms: “Following some difficult years for the sector, it’s encouraging to see that life insurance new business is now up more than 11% since 2023, along with an increase in advisers including risk advice in their service offering – suggesting that confidence is returning.

“Importantly, this is not a temporary spike – it’s supported by structural improvements in adviser capability, more efficient product platforms, and a clearer value proposition for clients. Life insurance is one area where this renewed momentum is most visible, but we are seeing similar positive sentiment across other parts of the advice landscape,” Woods noted.

Industry momentum toward specialist models

The report highlights growing adviser and client demand for specialist life insurance models that deliver tailored solutions, high service standards and reduced friction in the advice process – all hallmarks of PPS Mutual’s approach.

Michael Pillemer, Chief Executive Officer of PPS Mutual, said the results were a strong endorsement of the mutual’s business model and industry direction: “In a market still recovering from years of disruption and consolidation, our growth and retention rates show that a disciplined, values-driven approach can deliver superior outcomes for Members and advisers alike. We focus on quality over volume, and we align every part of our process – from product design to underwriting – with the needs of a clearly defined professional market.

“As a mutual, we exist solely for our Members, and our profit-share model means that when PPS Mutual succeeds, our Members directly share in that success. This creates a powerful alignment of interests that is rare in the insurance sector,” Pillemer continued.

“The life insurance sector has an opportunity to rebuild trust and relevance. Models that put the interests of customers first, assist advisers to build the long-term value of their businesses, and deliver consistently on promises, will be the ones that thrive. We believe the future is in the hands of those who lead with purpose, rebuild trust, and support financial advice – and we are proud to be setting that standard. In doing so, PPS Mutual is well-placed to scale its impact, expand its market share, and help define the future of advice-led life insurance in Australia,” Pillemer concluded.

PPS Mutual is supported by PPS South Africa, the largest multi-disciplinary group of professionals in the world and the largest mutual company in South Africa since the 1940s – sharing over $3 billion in profits with Members over the last 10 years. PPS Mutual is owned by its Australian Members who share in the profits of the products that they buy.

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Michael Pillemer

The advice industry and Adviser Ratings 2024 Australian Financial Advice Landscape Survey have again honoured PPS Mutual with multiple awards and accolades, reflecting a growing and esteemed reputation garnered by PPS Mutual, its adviser support, service standards and product suite amongst Australian financial advisers.

Among the high satisfaction rankings, PPS Mutual was proud to also take out the coveted ‘Best Retail Insurer of the Year’ for the second consecutive year, and the highest Net Promoter Score (NPS) amongst industry peers.

The PPS Mutual NPS score of 42.3 is a standout result against an industry average of 13.32, with a range of -27.5 to 29.9.

The Adviser Ratings annual report is a detailed overview and survey of the Australian wealth management industry, providing comprehensive insights from Australian advice practitioners and practice heads, and covering financial products, services, fees, client interactions and education.

In addition to ‘Best Retail Insurer of the Year’ and being awarded the highest Net Promoter Score (NPS) for the second consecutive year, PPS Mutual took home several key accolades in the 2024 Survey, including:

• First for Product Comprehensiveness (2nd year in a row)
• First for Online Service Quality and Adviser Support
• First for Claims Handling
• Rated second for ‘Competitiveness’, ‘Ease of Underwriting’, ‘Platform Functionality’ and ‘BDM Support’.
• Adviser satisfaction scores well ahead of the industry in the categories of ‘Reputation’, ‘Trust’, ‘Understanding Clients’ Needs’, ‘Quality of Product’, and ‘Claims Handling’
• The lowest lapse rate – i.e., highest client retention rate – in the industry, at 4.9% compared to the industry average of 15.6%

PPS Mutual chief executive Michael Pillemer said, “PPS Mutual thanks our amazing advice network for the remarkable feedback. We are delighted to have been awarded these prestigious accolades which underscore our dedication to supporting advisers, to excellence in our field, and to the interests of our valued insured Members.

“As a mutual, our focus is naturally geared towards customer retention and satisfaction, as well as sustainability in all aspects of the business. We view these achievements as a strong foundation upon which our collective efforts will continue to build trust and confidence with advisers and our professional Members.”

PPS Mutual has enjoyed significant success in the Australian risk insurance market. In the eight years since inception, it has grown its member base of high-earning and skilled professional clients to over 12,000, and its market share has grown over the past year to capture five per cent of retail advised life insurance business in Australia.

PPS Mutual is supported by PPS South Africa, the largest multi-disciplinary group of professionals in the world and the largest mutual company in South Africa. PPS Mutual is based on the proven PPS business model that has been hugely successful in South Africa since the 1940s – sharing over $2.5 billion in profits with Members over the last 10 years. PPS Mutual is owned by its Australian professional members who will share in the profits of the products that they buy.

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Michael Pillemer

Award-winning life insurance company PPS Mutual has announced it will expand its membership eligibility criteria effective from 7 August 2023 and provide its proven model of specialist insurance cover for specialists to a number of new professional categories.

The expanded eligibility criteria will enable professionals across several new disciplines to join PPS Mutual. The changes give even more Australian professionals the opportunity to participate in the mutual model, where members share in the long-term profits of the insurance they buy.

Currently, to join PPS Mutual, Australians must be eligible to practice in one of 24 designated professional groups. PPS Mutual has expanded the eligibility criteria and now offers two pathways to membership. First, the existing Professional Organisation Pathway has been expanded, so professionals who currently are, or have ever been, registered with a designated professional body will be eligible to become PPS Mutual Members.

Secondly, a new pathway has also been introduced: a Degree Pathway. If a professional does not meet the Professional Organisation Pathway, they can still be eligible for membership through the Degree Pathway, where professionals who have completed four or more years of study and have achieved a Bachelor’s degree, Honours, Double Degree, Masters or Doctorate from a selected university within select specialities from the Medical, Commercial, Legal, Technology, Industrial and Science fields are now eligible.

CEO Michael Pillemer said that PPS Mutual has re-examined its eligibility criteria to keep up with changes in the economy, including the expanding technology, healthcare and science fields.

“What sets our insurance products apart are unique features and additional flexibility which have been designed specifically for career-minded professionals. We are expanding the professional groups that we will now insure to expand our reach and relevance in the Australian professional workplace,” he said.

“Our mutual business model has helped PPS Mutual grow its Australian Member base to almost 10,000 in just seven years. With this expansion in eligibility criteria, we expect further growth in the number of members who are seeking to take advantage of comprehensive life insurance. PPS Mutual cover provides certainty and peace of mind to professional Australians. Our member centric focus means customers’ best interests align with our own mission and values.

“As a mutual, our profits go to Members. The more we profit, the more Members profit, and the more they are likely to stay with us, as evidenced by our very low lapse rates.”

PPS Mutual is supported by PPS South Africa, the largest multi-disciplinary group of professionals in the world and the largest mutual company in South Africa. PPS Mutual is based on the proven PPS business model that has been hugely successful in South Africa since the 1940s – sharing over $2.5 billion in profits with Members over the last 10 years.

PPS Mutual is owned by its Australian professional Members who will share in the long-term profits of the products that they buy.

The post PPS Mutual expands eligibility criteria to more professional fields appeared first on AdviserVoice.