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Last Article Uploaded: Monday, January 24th, 7:00PM

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Fidelity Life looks to accelerate growth with new capital

One year and one week after taking over the reigns at Fidelity Life chief executive Nadine Tereora announces a $100 million capital injection. What does it mean for the company and advisers? Philip Macalister finds out.   

Wednesday, November 1st 2017, 6:00AM

Nadine Tereora described the deal as a "fabulous outcome for our business."

The company signalled at its annual meeting last year that it wanted to raise further capital to help grow the business and implement its strategies. She says the interest was predominatly from New Zealand investors, however there were some potential investors offshore.

As a New Zealand-owned life insurance company it was great to have another strong New Zealand business, like the fund, invest into Fidelity, she said.

NZ Super also owns significant stakes in Kiwibank, Kaingaroa Timberlands, Datacom, and Metlifecare. These are all investments and there are no plans to distribute life insurance through Kiwibank.

Tereora announced the deal one year and one week after taking over as chief executive at Fidelity Life. She says there as a lot of interest in the capital raising as "we have a really impressive growth strategy" and the company has been consistently producing solid financial results.

 The past year has been "transformational", she says. The growth strategy is based around digital capabilities and platforms. Added to that it will look to develop innovative products and have to cope with regulatory changes.

"We are really focussed on digital, advisers and our partners," she said.

Direct sales is "not on our agenda."

"We want to make sure advisers are set up for success around digital capabilities," she says.

The deal "sets us up for our future strategic growth."

Fidelity Life chairman Brian Brake says, “The NZ Super Fund is a great fit with Fidelity Life. We were both founded by Kiwis for Kiwis and are focussed on protecting the future for New Zealanders. The proposed investment represents a strong vote of confidence in Fidelity Life by New Zealand’s pre-eminent investor.”

Tags: Fidelity Life Nadine Tereora NZ Super Fund

« Fidelity Life gets $100 million injection[WEBINAR] Intelligent underwriting tool for Advisers »

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