Wesfarmers, the Perth-based conglomerate which also operates in general insurance and financial services, has become Asia Pacific’s fourth largest retailer after a five-year growth spurt up to the end of 2009.
Wesfarmers Insurance division includes Lumley Insurance Australia, Lumley Insurance New Zealand and WFI, one of the largest rural insurers in Australia.
The company’s insurance broking businesses include OAMPS in Australia and the United Kingdom as well as New Zealand’s second largest insurance broker Crombie Lockwood. Wesfarmers Insurance division also has underwriting agencies, premium funding businesses, the OAMPS superannuation fund and OAMPS Financial Management.
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Wesfarmers was the world’s second fastest-growing retailer from 2003 to June 2009, wracking up retail sales of $45 billion to become the 28th biggest retailer according to Deloitte’s Annual Survey of the top 250 retailers. After spending $20 billion in 2007 to buy Coles, it’s compound annual sales growth rate jumped to 62.7% which resulted in an eight-spot leap in the 2009 rankings.
Wesfarmers Insurance is represented in 126 locations in Australia, 27 offices in New Zealand and five in the United Kingdom. Over 3000 people are employed in this field by the company.
Gillian Lilley
Freelance Business Writer
