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Demutualised Companies 1985-2023(see table below)


To download full table click here


The demutualisation of the life offices (AMP, National Mutual and Colonial Mutual) has significantly boosted market capitalisation and increased the number of shareholders over the past thirty years. The big advantage for members has been the exchange of an interest that could not be traded, for shares that are listed on the Australian Securities Exchange. Demutualisations included in our report include: 


Australian Co-operative Foods Limited

Australian Health Management Group (AHM)

Australian Stock Exchange Ltd

AXA (formerly National Mutual Life) 

Canberra Perm BS to Canberra Adv Bank

Capita Financial Group

Civic Co-op PBS to Canberra Advance Bank

Colonial Mutual Life Assurance Ltd (now CBA)

Co-operative Building Society of SA

Credit Reference Association of Australia

Doctors Health Fund Limited

First Provincial Building Society 

Goldfields Credit Union (now Goldfields Money Limited)

Hibernian Friendly Society (NSW) Limited

Illawarra Mutual Building Society


IOR Group Limited

Ipswich & West Moreton Bldg Society

Mackay Permanent Building Society

Manchester Unity

MBF Group

Medibank Private

Metropolitan PBS to Metway Bank

MyState Financial Credit Union

National Mutual Life (now AXA)

NIB Holdings Ltd

NobleOak Life Limited

Northern Building Society

NRMA Insurance (NIGL) - allocated/facility

NSW Building Society to Advance Bank

Over 50s Mutual Friendly Soc (OFM)

Perth BS & Hotham PBS to Challenge Bank

Pioneer Permanent Building Society

QR National

QT Mutual Bank Limited

RESI-Statewide BS to Bank of Melbourne

St George Building Society

Statewest Credit Society

Sunstate Credit Union to First Provincial BS

Tasmanian PBS to Tasmanian Bank

The Co-operative BS of SA to Adelaide Bank

The Rock Building Society

Town and Country Building Society

Transport Friendly Society Ltd

United PBS to National Mutual R Savings Bank

Wide Bay Capricorn Building Society

Your Credit Union

However, when they come to sell the shares in these companies, as a general rule, shareholders are subject to Capital Gains Tax. Even though nothing was paid for the shares, they have a value for CGT purposes, which is reflected as “Acquisition Cost per share” in the table below. That acquisition cost may be only a part of the cost base which can be deducted from the capital proceeds to arrive at the capital gain. The cost base may also include costs associated with the sale of the shares such as fees paid to a broker.


Easier access to investment capital from 2019

Some co-ops and mutuals growing into nationwide organisations such as health insurer HCF and healthcare, financial services and retirement living group Australian Unity, have been unable to access equity markets due to their corporate structure. In the past, member-based organisations have only been able to raise funds by increasing debt, which has tended to put a lid on growth and even led some to demutualise.  Changes to the Corporations Act in 2019 created a “new and unique” mutual capital instrument (MCI) that enables these entities to access investment capital according to Melina Morrison, Chief Executive of the Business Council of Co-operatives and Mutuals.


Changes for private health insurers

Effective 1 July 2007, changes were made to the law relating to the capital gains tax (CGT) treatment of policy holders of health insurers who receive cash or shares when their health insurer demutualises. Under the new law, policy holders disregard any capital gains and losses that arise when a private health insurer demutualises. The changes apply for example to the demutualisation of NIB, MBF and AHM, see table.


Changes for friendly societies

Capital gains and capital losses arising to members and insured entities when their friendly society demutualises to a for‑profit entity will be disregarded except when the member or insured entity receives an amount of money under the demutualisation.

Below is a small selection of demutualisations of the past thirty five years. For the full table please click on the link below:


DEMUTUALISATIONS 1985 - 2023 (to 31/12/2023)

Last updated: 05/01/2024

Acquisition Cost per share Acquisition Date
Notes (see below)
20 November 1997
Australian Co-operative Foods Limited

Cash only

26 November 2008


Australian Health Management Group (AHM)

Cash only

14 January 2009


Australian Stock Exchange Ltd
October 1998
AXA (formerly National Mutual Life) 
8 August 1995
To download full table click here




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