The parent company of both Resolution Life New Zealand and Asteron Life, Acenda Group, is bringing the two companies together as a single life insurance business under the Acenda Life brand from 2027, subject to regulatory approvals.
An Acenda Group spokesperson told Riskinfo that by bringing the businesses together “…we are creating a larger, stronger life insurance business, with the scale and expertise to protect and support New Zealanders for generations to come.”
…This reflects Acenda Group’s long-term commitment to New Zealand and intention to grow in the market…
The spokesperson says this reflects Acenda Group’s long-term commitment to New Zealand and intention to grow in the market.
A recently proposed transfer of Resolution Life’s New Zealand policies to Asteron Life is a key step in that process.
No Immediate Change for Customers, Advisers
“There is no immediate change for our customers, advisers or partners, and we have communicated directly with our Resolution Life customers in New Zealand about the proposed transfer,” the spokesperson says.
Fitch Ratings last week placed Asteron Life on Rating Watch Positive, following the announcement of the proposed transfer of Resolution Life Australasia’s New Zealand branch business to Asteron Life.
The spokesperson says Fitch Ratings’ decision reflects that firm’s view that the proposed transfer, once completed “…would strengthen Asteron Life’s standalone credit quality, financial position, scale and market standing.”
Advisers can click here for more information about the transition to Acenda Life.
As we reported in December 2024, Resolution Life was purchased by Nippon Life in a global transaction. At that time Resolution Life was in the closing stages of its acquisition of Asteron Life, which continued as a standalone life insurance company trading under the Asteron Life brand.
Both Resolution Life’s Australian and New Zealand subsidiaries, Resolution Life Australasia, were to combine with Nippon Life to form a merged group stated to be one of Australasia’s largest life insurers by market share.
Following completion, the combined group began operation as Acenda, wholly-owned and part of the Nippon Life Group (see: Resolution Life Bought by Nippon Life).
Also see: Asteron Life’s Parent Appoints Group CEO.