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Once you knew us as IOOF or MLC. Two local financial players, each with a story that began generations ago – back when there was no government safety net. Times were hard, and for many families the future looked uncertain. We were founded to change that.
For generations, we’ve been at the side of working Australians, helping to bring social and financial security into the home. Decades later, we’re still at their side. While much has changed over the years, we’ve never lost sight of the communities we serve and our purpose of financial wellbeing for all Australians.
The year is 1846, and the Victorian Gold Rush is causing a population boom.
Life is especially unpredictable during this era. When families fall on hard times, no government safety net exists to catch them. This is where we enter the picture – establishing ourselves in Melbourne as the Independent Order of Oddfellows (IOOF), a friendly society established to protect working Australians.
For the next hundred years, almost half of all Australians will belong to societies like ours.
A century after IOOF was established, a thriving Australia introduces welfare support – and the need for friendly societies becomes less urgent. IOOF helps to roll out the welfare system, and later Medicare in the 1970s.
With times changed, we end our voluntary medical scheme and diversify into the world of financial planning. Australia introduces compulsory super in 1992.
The millennium arrives, and we keep evolving. The 21st century sees IOOF list on the Australian Stock Exchange, as we demutualise and focus on investments, super and retirement savings. We now have $4 billion in managed funds.
After the Global Financial Crisis of 2007, Australia gets back on its feet surprisingly soon.
Over the next two decades, IOOF also grows quickly as we acquire several big wealth groups – including the advice, super and investment businesses of ANZ and MLC.
Our funds under management and administration continue to multiply. The financial services industry sees more reform than ever.
In 2021, we change our company name from IOOF Holdings to Insignia Financial Ltd as we begin the next chapter of our story. Almost two centuries after our founding, we are now one of Australia’s leading wealth managers with:
*As at 31 December 2021