A major Japanese insurance corporation has agreed to buy one of New Zealand's largest life insurers in a $630 million deal.
Partners Group Holdings, a subsidiary of insurance giant Daiichi Life Group, will acquire Fidelity Life Assurance, pending regulatory approvals and other completion requirements.
The deal was worth $630 million and would, if successful, expand the Asian firm's influence in the New Zealand market.
The sale would bring two of New Zealand's largest life insurers under the same ownership – with Partners Life also owned by Partners Group.
A joint statement from Fidelity and Partners said the transaction would "bring together the complementary strengths" shared by the companies.
They would remain separate businesses. Customers and advisers will not have to take any action.
Fidelity Life CEO Campbell Mitchell said: “Fidelity Life is a strong business built over more than 50 years on trusted relationships, deep local experience and a commitment to doing the right thing for New Zealanders,"
"The value we have created is grounded in our people, our customers and advisers, and the relationships we have built across the industry.
“There is still a process to work through but, throughout it, our focus remains firmly on supporting our customers, advisers, strategic partners and people.”
Partners Life CEO, Michael Weston, said: “If approved, the opportunity is to build a strong and sustainable future that carries forward the relationships, experience and customer commitment people value today, while creating greater capacity to invest, adapt and support customers, advisers and partners over time.
“It would also advance our purpose of building a brighter and more secure future for New Zealanders and reflect Daiichi Life Group’s confidence in, and commitment to, the New Zealand market and community."
According to NZ Insurances, Fidelity covers over 300,000 people and paid $241.5 million in claims during the 2023/2024 year.
Meanwhile, Partners Life provides for more than 340,000 people, according to its website.
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