, New Zealand
100 views
Stock photo.

Dai-ichi Life buys NZ-based insurer for $630m

The acquisition was made through Dai-ichi Life International Holdings.

Japanese insurer Dai-ichi Life Holdings has acquired New Zealand insurer Partners Life as a wholly owned subsidiary for $630m (NZ$980m).

The acquisition was made through Dai-ichi Life International Holdings, which manages the group’s overseas businesses.

The acquisition is part of Dai-ichi Life’s medium-term management plan where they adopted a capital circulation management strategy that aims to achieve capital efficiency that exceeds the cost of capital.

ALSO READ: Dai-ichi Life invests $90.34m in UK insurtech firm

“In our overseas business strategy, we are building a balanced business portfolio in regions with different market stages, and we believe that the characteristics of Partners Life's business model, such as high capital efficiency, insurance risk focus, and superior digital capability, are consistent with our strategies and will further strengthen our platform for sustainable growth,” Dai-ichi Life said.

The acquisition also marks Dai-ichi’s entry into a third country within developed markets and the ninth country for its overseas business as a whole.

Established in 2010, Partners Life offers simple protection products and Independent Financial Advisor support through its proprietary digital platform. Partners Life became profitable within its first five years of operations, and grew rapidly to become the second largest player in the New Zealand life insurance market in its tenth year of operation.
 

Follow the link for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!