BNZ has completed the sale of NAB Group’s New Zealand life insurance business, BNZ Life, to Partners Life, settling the transaction on Friday 30 September. All BNZ Life customers have now transitioned to being Partners Life customers.
The deal was announced in December 2020 pending regulatory and other approvals, which were received in September.
BNZ Executive, Customer, Products, and Services, Karna Luke, says the sale is an important part of the bank’s drive to simplify its business.
“Partners Life are an industry leader in life insurance in New Zealand, and our shared values of putting our customers first and partnering with them to help them reach their goals gives us the utmost confidence our insurance customers are in good hands,” says Luke.
Partners Life Managing Director Naomi Ballantyne says she is “absolutely delighted” to be welcoming BNZ Life customers and staff into the her company.
“We are determined to look after them just as well as we have always done for our existing customers and staff,” says Ballantyne.
“We have been very impressed with the commitment and capability of BNZ staff to ready the BNZ Life business for a seamless hand-over and we are very much looking forward to our ongoing referral relationship with BNZ.”
Under the sale agreement, BNZ will continue to refer customers with life insurances needs to Partners Life exclusively for a 10-year period, subject to Partners Life continuing to meet agreed operating standards.
Partners Life was sold to Dai-ichi Life in August. See our report Partners Life Sold.