Partners Life has sold 100% of its business to Japan-based global insurance giant Dai-ichi Life Holdings for approximately NZ$1billion subject to regulatory approval.
In a video announcement released after the close of business on Friday 12 August, Partners Life MD, Naomi Ballantyne, said she couldn’t wish for a better owner to take the company into the future.
Ballantyne noted the growth of Australian life insurer, TAL, which was acquired by Dai-ichi Life in 2011, and was confident Partners Life would now have similar growth opportunities, with the backing of the new owner.
Ballantyne confirmed the insurer would retain its current Partners Life brand and that she would continue to lead the organisation: “I haven’t finished what I started yet, and my passion for Partners Life has not diminished…I am most definitely not going anywhere any time soon.”
Accompanying the announcement was a notice of an upcoming webinar for advisers and other industry stakeholders that will be conducted on Tuesday 16 August, at which Ballantyne and other members of the Partners Life executive team will provide further details around the acquisition.
See our report – Business as Usual