Norwich Union's life and funds management businesses in New Zealand are the latest to go up for sale.
roup chief executive John Pritchard says Norwich is reviewing its strategic options for these business, however State Insurance is unaffected by this review.
The review's announcement confirms on-going industry speculation that these businesses were on the market. They are the latest in a long running series of sales, mergers and acquisitions taking place in the financial services industry, both locally and globally.
While Norwich has been operating in the New Zealand market for a long time its life and funds management businesses had remained small and are some way off reaching the necessary critical mass.
Norwich's life business had annual premium incvome of $17.9 million in the year ending September 30, which is equivalent to about 3.3 per cent of the market.
Dresdner Kleinwort Benson are assisting Norwich with this review.
Norwich Union's life and funds management businesses in New Zealand are the latest to go up for sale.