Tower has done a u-turn and sold its remaining life business, to Foundation Life in a deal worth $36 million.
The book, numbering 50,000 policies, is made up of annuities, unit linked policies, whole-of-life policies book and a small amount of traditional non-participating term insurance.
The buyer, Foundation Life is a private company that is focused on the acquisition and long term prudential management of life insurance portfolios which are no longer being actively marketed.
In Januray Tower advised the NZX it s would retain the business "following an evaluation of options for divesting (it)...MORE»
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