Westpac sells NZ life insurance unit to Fidelity Life

Westpac Life NZ and Fidelity Life will also enter into a 15-year distribution agreement.

Australia’s Westpac has sold its New Zealand life insurance unit to New Zealand life insurer, Fidelity Life, for $281m (NZ$400m), according to an announcement.

Fidelity life will also enter into a 15-year life insurance distribution arrangement with Westpac Life NZ.

Fidelity Life’s largest shareholder, the NZ Super Fund, and new investor, Ngai Tahu Holdings, will fund the majority of the acquisition. The sale would not affect customers’ insurance policies.

The completion of the transaction is subject to shareholder and regulatory approvals and is expected to occur by the end of 2021.

Follow the link s for more news on

Westpac

Westpac Life NZ

Fidelity Life

Acquisitions

Also Read

APAC reinsurers poised for growth on the back of sustained demand

Double-digit premium growth lifts AIA to record value of new business in Q3

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!

I want to download the media kit