Fidelity Life and NZ Super Fund have signed a conditional NZ$100 million investment.
The proposal will see the Fund take a minimum NZ$100 million, 41.1% cornerstone stake in the life insurer.
Fidelity Life CEO, Nadine Tereora said this injection of new capital will enable the insurer to build digital capability to support their partners, more than 100,000 customers and network of 2,700 independent financial advisers.
Fidelity Life Chair, Brian Blake, says securing the Fund as a major shareholder will provide the insurer with the means to make their future growth strategy a reality.
“Fidelity Life has experienced strong growth in recent years and this has outpaced our ability to fund the future rate of growth we’re aiming for without additional capital,” said Blake.
“The NZ Super Fund is a great fit with Fidelity Life. We were both founded by Kiwis for Kiwis and are focussed on protecting the future for New Zealanders. The proposed investment represents a strong vote of confidence in Fidelity Life by New Zealand’s pre-eminent investor,” he exlained.
NZ Super Fund Chief Investment Officer, Matt Whineray added, “This is a rare opportunity for the Fund to take a significant direct stake in a New Zealand life insurance company. The additional capital we are providing will support Fidelity’s long-term growth plans.”