Health insurer nib NZ is buying Kiwi Banks’ life insurance business, Kiwi Insurance, for $45 million.
Under the terms of the deal nib will enter into an exclusive relationship with Kiwibank which will see it refer its retail customers to nib for their life and living insurance needs. The sale is subject to regulatory approvals.
Rob Hennin, nib NZ’s CEO says there was a strong alignment between the values and mission of the companies which made the acquisition and the new partnership “a great fit”.
“We’re all about supporting our members’ better health and we’re looking forward to providing them access to a suite of health, life and living insurance covers,” Hennin says.
Kiwibank Chief Executive Steve Jurkovich says the deal will deliver on Kiwibank’s growth strategy by simplifying its business.
“Life insurance plays a vital role in providing financial security from the unexpected, and I’m delighted that Kiwibank and nib are entering into a long-term partnership that will support Kiwis to be better off,” says Jurkovich.
Kiwi Insurance policyholders don’t need to do anything and will see no change to their current policies as a result of the sale. Customers will receive further information ahead of the completion of the sale to nib in early 2022. In the meantime, it’s business as usual for the Kiwi Insurance team.