Search

Medical Assurance Society (MAS) Review - KiwiSaver and Insurance

Our review of the Medical Assurance Society (MAS) focuses on its actively managed KiwiSaver scheme and range of insurance policies, as well as member benefits and a background to the organisation.
Updated 30 June 2024

Summary
  • MAS has over 40,000 customers, known as "members", and operates as a society to benefit its members. MAS is profitable but is designed to run as an incorporated society, meaning profits are reinvested into the organisation and the community via its charitable foundation.
  • MAS has operated for over 100 years and its products focus on KiwiSaver and insurance (both general and life)
  • The MAS KiwiSaver scheme offers seven actively managed funds, ranging in risk from a cash fund to a global equities fund, with fees between 0.25% and 0.99% p.a. Unlike many other KiwiSaver schemes, MAS does not charge an annual membership fee.
  • MAS outsources its portfolio management to wealth manager JBWere NZ Pty Ltd (JBWere) and investment bank Bancorp.
  • MAS offers motor insurance (for cars, bikes and other motor vehicles), house insurance, contents insurance, boat insurance and business insurance. It also offers a range of life and health insurance products.
  • Every MAS member is entitled to use exclusive membership benefits, which include discounted loans and finance services via Westpac, speaker series events, health and wellbeing support and EAP (Employee Assistance Programme) counselling. 

To help you understand MAS's product offering, our guide covers:

MAS KiwiSaver - What You Need to Know

Medical Funds Management Limited is the manager and issuer of investments in the MAS KiwiSaver Scheme, and is a related entity to MAS. There are seven funds on offer, which range from the low-risk Cash Fund, to more aggressive options such as the Global Equities Fund, Aggressive Fund and Growth Fund.

Our MAS KiwiSaver Scheme Review has more details.

Know This:
  1. The MAS KiwiSaver Scheme's Balanced Fund has one of the highest average balances of any KiwiSaver fund operating.
  2. Every MAS KiwiSaver fund has an average balance well above the national average, suggesting that a high proportion of high-earning (and high contributing) New Zealanders have selected MAS KiwiSaver as their provider. We believe the driving force is the health profession's loyalty and commitment to MAS as a financial service provider.

MAS KiwiSaver Scheme's Management

The scheme has two investment managers, JBWere and Bancorp. JBWere is responsible for equities (i.e. growth assets) while Bancorp manages fixed interest (i.e. income assets). Both JBWere and Bancorp use external managers where appropriate - this is currently BlackRock and Hunter Investment Management respectively. This means MAS, unlike actively managed KiwiSaver schemes such as Milford, Fisher Funds and Booster doesn't have investment managers or analysts. This responsibility is given to JBWere and Bancorp.

Fund updates can be downloaded from the MAS website here.
  • MAS offers a quarterly investment report, including a general market summary and an update of the investment strategy authored by its primary investment manager JBWere. An example of a report can be found here.

Fund Performance

MAS has recently begun reporting performance results to Morningstar; you will soon find them in the quarterly KiwiSaver reports. Their funds currently appear on the Fund Screener. You can also access fund information using the Sorted SmartInvestor tool. You can watch our video on how to use this tool here.

The MAS KiwiSaver Scheme - Our View

  • The MAS scheme offers a diverse range of seven funds, and its fees for an actively managed fund are lower than those charged by Milford and Fisher Funds, among others.
  • Fund performance is easy to track via MAS' fund performance. In terms of comparison, you'll need to compare different KiwiSaver schemes' fund reports to get a full picture. We have taken the "after deductions for charges and tax" figures to make a consistent comparison.
  • With over $1 billion in management, MAS KiwiSaver is half the size of the more well-known Simplicity yet goes relatively unnoticed in the media. With high average balances and a top-performing Growth fund, we confer that MAS's KiwiSaver scheme is a strong offering and worth considering if you're looking to switch (or sign up to KiwiSaver as a new member).
  • With seven different funds, MAS offers a wide number of choices.

MAS General Insurance - What You Need to Know

MAS offers motor insurance (for cars, bikes and other motor vehicles), house insurance, contents insurance, boat insurance and business insurance. MAS insurance is sold directly to customers or sold via MAS Advisers.

The process is simple - individuals can request a quote online for motor vehicle, house, contents, goods in transit and boat insurance. The insurance policy is either sold directly from MAS or via an MAS adviser. Unlike many other insurance advisers, MAS advisers are paid a salary, not a commission, so there is no incentive to sell a "profitable" policy. MAS advisers meet in person, via Skype, Microsoft Teams, or by phone. It's important to note that MAS advisers are not insurance brokers - they will not present various policies from a range of different life and income-related insurers.

We suggest the best approach before/after contacting MAS is to read our guide(s) based on your insurance needs. They are researched and updated to outline everything you need to know about a specific insurance type.

MAS Life Insurance - What You Need to Know

MAS offers a range of life insurance and income-related products. Unlike other insurers such as AIA or PartnersLife, MAS policies are sold exclusively through MAS Advisers.

The process is simple - you contact MAS who sets you up with a MAS adviser. MAS does not sell life insurance directly to its customers. Unlike many other insurance advisers, MAS advisers are paid a salary, not a commission, so there is not incentive to sell a "profitable" policy. MAS advisers meet in person, via Skype, Microsoft Teams, or by phone. It's important to note that MAS advisers are not insurance brokers - they will not present various policies from a range of different life and income-related insurers.

We suggest the best approach before/after contacting MAS is to read our guide(s) based on your insurance needs. They are researched and updated to outline everything you need to know about a specific insurance type.

MAS Benefits

MAS has several member benefits; anyone who buys a policy or product with MAS and their direct family members. You can read about the benefits here.

In summary, the benefits include:
  1. Āki Wellbeing Hub – an online resource centre provides tools and advice about improving your physical health, nutritional, mental, and financial wellbeing.
  2. EAP (Employee Assistance Programme) Counselling – membership gives you three free EAP counselling and support sessions. The sessions offer practical assistance to anyone when personal or work issues arise that may impact their wellbeing. You can read more about EAP here.
  3. MAS Talks – MAS invites its members to in-person (and online) in cities around New Zealand
  4. Online Magazine – this can be read online and is published quarterly.
  5. Banking benefits – MAS has a partnership with Westpac. In summary, MAS promotes that members who transact with Westpac using the special MAS relationship will benefit from preferential rates, discounts and fee waivers.

Know this: All MAS financial products qualify you for membership, which means you don't need to buy multiple insurance policies or join MAS's KiwiSaver scheme to avail the benefits.

Frequently Asked Questions

MAS is a unique organisation that specialises in insurance and KiwiSaver scheme. We anticipate common queries below to help you build an understanding of MAS.

Do I have to have a medical profession to be a MAS customer?

No - MAS makes this clear on their website. As a background, MAS was founded by doctors for doctors in 1921, and now claims to insure over 80% of the medical profession. However, today MAS welcomes "all professionals along with their friends and families". The term "professionals" is not defined, but we understand that MAS doesn't discriminate applicants based on their line of work.

How many customers does MAS have?

MAS doesn't have "customers"; it calls anyone with an insurance policy and/or KiwiSaver a "Member". In any case, MAS claims to have over 40,000 Members.

Why can't I get a quote online for an insurance policy?

Pricing isn’t provided via the MAS website - you’ll be supplied a quote after you’ve requested it (no matter if that’s online for general insurance or through a MAS adviser for life and income) from either the Member Support Centre or from a MAS adviser.

Does MAS invest its members' KiwiSaver and/or managed funds money responsibly?

Yes - MAS has a Responsible Investing Policy which is explained in further detail here. You can read more about ethical investing here.

Is MAS a not-for-profit society (like Southern Cross)?

Yes, MAS is similar in nature. MAS is a mutual society - this means each customer becomes a MAS member. While MAS has been profitable in the past, it is not profit-driven like most KiwiSaver and insurance companies are.

Who is the ultimate owner of MAS?

MAS makes it clear that the society is "owned by our Members". This means that the society is designed to look after and benefit anyone who is a Member, although investing and/or becoming an insurance policyholder won't make you a shareholder. The profits MAS generates are reinvested into the society and also distributed via the MAS Foundation.

Where can I find more information about the MAS KiwiSaver scheme and fund performance?

The best place to start is the quarterly fund updates. Unlike most other KiwiSaver schemes, MAS helpfully publishes a fund update which includes all the funds - you can find this here. MAS doesn't report its performance results to Morningstar, so you won't find them in the quarterly KiwiSaver reports or Fund Screener. However, you can access fund information using the Sorted SmartInvestor tool. You can watch our video on how to use this tool here.
Related Guides