Following on from Fidelity Life’s purchase of Westpac’s NZ Life business for $400 million, the insurer says Ngāi Tahu Holdings, the investment arm of Te Rūnanga o Ngāi Tahu, will take a $140 million, 24.9% stake* in the firm.
Ngāi Tahu Holdings’ investment in Fidelity Life will help fund its acquisition of Westpac Life, subject to regulatory and shareholder approvals.
Fidelity Life Chair Brian Blake says welcoming Ngāi Tahu Holdings as an investor, alongside the NZ Super Fund, is another “…significant milestone for the wholly New Zealand owned life insurer”.
“In the NZ Super Fund and Ngāi Tahu Holdings we now have two of New Zealand’s most successful investors on our share register, and that’s a great endorsement of Fidelity Life and our plans for the future,” says Blake.
Ngāi Tahu Holdings CEO 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.
“Fidelity Life is a very well-respected national business in a very strong position, so we see this as an investment to be celebrated.”
Fidelity Life CEO Melissa Cantell says Ngāi Tahu Holdings’ investment will provide a significant boost to Fidelity Life.
“2021 is another big year for Fidelity Life as we progress with our aspiration to reimagine life insurance for New Zealanders,” she says.
“As well as welcoming Ngāi Tahu Holdings and Westpac Life, we are close to completing our new technology platform which enables us to continue our customer experience transformation.”
*Figures are post-transaction completion.