BNZ Life up for sale, according to Australian reports
A report in The Australian Financial Review has stated that National Australia Bank (the parent company of BNZ) is selling its life insurance company, BNZ Life.
Friday, October 23rd 2020, 4:34PM
While there has been no official confirmation from BNZ in New Zealand, the news report indicated that NAB was in the late stages of negotiation with a potential purchaser. AIA, Resolution Life, and Partners Life have all been put forward as the most likely buyers.
The sale will be the continuation of a recent trend that has seen retail banks across the Tasman move away from life insurance and reset their sights on their core business offerings. In 2016, NAB sold insurer MLC to Nippon Life; in 2017 Commonwealth Bank sold its life insurance business, CommInsure, for $3.8 billion.
It remains to be seen if BNZ will make an announcement about the sale, however, reports of a sale to Partners Life last year were met with a vehement denial by New Zealand spokespeople.
It has been estimated that BNZ Life makes up around 4% of New Zealand’s life insurance offerings.
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