Nib is planning to bring its two New Zealand businesses under one roof to streamline and simplify the structure of its New Zealand operation. The change will require regulatory approval.
The firm currently operates Nib NZ (offering medical insurance) and Nib NZ Insurance (life products). The company hopes to complete the merger by mid 2024.
In a statement, the firm says that once the two operations are brought together, all products will be offered by Nib NZ. The change will not have any impact on advisers, clients, or their cover, says the firm.
The life insurance arm of the firm is a recent addition, brought about by Nib NZ Holding’s purchase of Kiwi Insurance from Kiwi Group Holdings in May 2022. Nib paid $45 million for the business, and renamed it Nib NZ Insurance.
“Amalgamation will make no difference to the benefits, terms, and conditions of insurance cover with Nib.” says the firm.
See our report: Kiwi Group Holdings Completes Sale to Nib