Westpac Group’s New Zealand life insurance business has now been transferred to Fidelity Life in a deal valued at $400 million. Details of the purchase were first announced in July last year.
As part of the sale, Westpac Life has been renamed Fidelity Insurance and has entered into a life insurance distribution arrangement with Westpac NZ. Fidelity Life now has a 17% share of the country’s life insurance market.
Under the arrangement, Westpac NZ will distribute Fidelity insurance products to its retail customers for the next 15 years.
Fidelity Life’s largest shareholder, the NZ Super Fund, and Ngāi Tahu Holdings, have funded the majority of the acquisition.
Fidelity Life CEO Melissa Cantell says the firm welcomes around 50 new team members, and 150,000 customers to the firm.
Westpac NZ CEO Catherine McGrath says the sale does not affect existing life insurance policies issued by the bank.
See our story: Fidelity Life to Buy Westpac’s NZ Life Business for $400 Million