Fidelity Life has officially transferred its subsidiary Fidelity Insurance – formerly known as Westpac Life – into Fidelity Life Assurance Company, returning New Zealand’s largest locally owned life insurer to operating as a single licensed insurer.
Following the firm’s completion of its $400 million acquisition of Westpac Life in February 2022, the acquired business was renamed Fidelity Insurance but continued operating as a separate entity with its own board, RBNZ license, statutory fund and financial strength rating.
The transfer sees all Fidelity Insurance’s assets and liabilities, including its obligations to policyholders, shift to Fidelity Life. Fidelity Insurance customers are now insured by Fidelity Life, with their policy terms and conditions unchanged.
As a consequence of the transfer, AM Best has withdrawn its financial strength rating for Fidelity Insurance, which is no longer operating as an insurer. AM Best’s existing A- (Excellent) financial strength rating continues for Fidelity Life Assurance Company Limited.
Fidelity Insurance Limited will be formally wound up as a registered company later this year.