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.
“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.