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Fidelity buys Westpac Life

Westpac and Fidelity Life have announced a $400 million deal that will see the bank sell its life insurance business to the insurer as part of a long-term strategic alliance.

Tuesday, July 6th 2021, 11:24AM 1 Comment

by Matthew Martin

Westpac NZ acting chief executive Simon Power.

Under the terms of the agreement, Fidelity Life - New Zealand’s largest locally-owned life insurer - will acquire Westpac Life from Westpac Group for $400 million and will enter into a 15-year life insurance distribution arrangement with Westpac NZ.

Fidelity Life’s largest shareholder, the NZ Super Fund, and new investor Ngāi Tahu Holdings will fund the bulk of the purchase.

Completion of the transaction is subject to shareholder and regulatory approvals and is expected to occur by the end of this year.

Westpac NZ acting chief executive Simon Power says Fidelity Life are leaders in the life insurance industry.

“We’re delighted to be entering into this alliance," Power says.

"In talking to Fidelity Life we were extremely impressed with their single-minded focus on their customers.”

Power says the sale will not affect customers’ insurance policies.

“Westpac Life customers do not need to take any action. Nothing changes with their policies and we know they’ll be in great hands with Fidelity Life.

“As part of the agreement, we will also be working with Fidelity Life to offer life insurance products to our customers for the next 15 years.

“Life insurance forms a vital part of financial planning for the future and will continue to feature in conversations with our customers to help them achieve their goals,” he says.

Fidelity Life chief executive Melissa Cantell says the alliance with Westpac NZ is based on a shared focus on delivering good customer outcomes.

“This is a true partnership with Westpac NZ, who share our aspiration to reimagine life insurance and help more New Zealanders protect their way of life.

“The partnership will also allow us to leverage the investments we’re already making in our customer experience, data and technology, as well as our strong New Zealand brand, to make the transition a smooth one for Westpac Life customers and team members.

“We’re excited to be welcoming Westpac Life and Ngāi Tahu Holdings to Fidelity Life,” says Cantell.

Tags: Fidelity Life Life insurance Melissa Cantell Simon Power Westpac

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Comments from our readers

On 8 July 2021 at 2:53 pm dcwhyte said:
Doesn't seem that long ago when Banks were buying Life Insurers and we said farewell to NZI Bank and National Mutual Bank, among others.

Full cycle - or fool cycle?

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