Medical Assurance Society

Medical Assurance Society

Medical Assurance Society launched in 1921 as a superannuation scheme for doctors. It has since broadened into a full-service mutual for over 50,000 New Zealand professionals, originating from partnerships with the New Zealand Dental Association, the New Zealand Veterinary Association and the New Zealand Medical Students' Association. The mutual structure means policyholders and investors are member-owners, erasing the standard tension between customers and shareholders. MAS allocates across seven actively managed investment funds, a KiwiSaver scheme, a retirement savings scheme and a suite of insurance lines — life, income, house, contents, vehicle and business cover — with over 5,000 business clients. The investment arm runs a cash fund yielding 3.12% as of April 2026 alongside transparent-fee portfolios spanning cash equivalents, fixed interest and growth assets. The firm joined the Steadfast network in 2024 to strengthen its commercial insurance broking capability, and all MAS investment funds carry Responsible Investment Association Australasia certification. Operations spread from the PwC Centre headquarters in Wellington to offices in Auckland, Christchurch and Tauranga. Jo McCauley, previously CEO of Southern Cross Travel Insurance, stepped into the chief executive role in August 2025, and Dr Doug Hill, a specialist GP, became Board Chair in December 2025. The team manages NZ$3.1B in funds and reports a 98% life-and-income-claims paid rate in the year to March 2024, a metric it publishes prominently. The foundational difference is the member-owner architecture, which redirects surplus into the MAS Foundation rather than dividends. That foundation backs community-led health initiatives — notably the 3 Steps for Life CPR programme with Hato Hone St John — making the firm a closed-loop healthcare funder: professionals insure and invest with MAS, and the returns cycle back into the system where those professionals work.