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The departure of banks from the life insurance sector has provided an opportunity for Ngāi Tahu Holdings, which is part of a $400 million deal for local insurer Fidelity Life to buy Westpac’s New Zealand life insurance business.
Holdings is putting in $140 million for a 24.9 percent stake in Fidelity, with Fidelity’s largest shareholder, the NZ Super Fund, co-funding the acquisition.
Chief executive Mike Pohio says the investment will provide attractive benefits to both sides as well as further diversifying and increasing the growth profile of Holdings’ portfolio.
The Westpac Life deal is subject to regulatory and shareholder approvals.
BNZ, National Australian Bank and Commonwealth Bank have all sold their insurance operations in response to the Reserve Bank reviewing the financial solvency rules covering the insurance industry.
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