Asteron out of KiwiSaver

Asteron Life is withdrawing from the KiwiSaver market after attracting only $33 million of funds under management, and managing director Sean Carroll predicts others will follow.

Seven providers had 95 per cent of the KiwiSaver market, he said. "The opportunity for economic scale simply doesn't exist for all suppliers."

Carroll says Asteron will now focus on growing its life and income protection insurance business.