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Partners Life sold: Price $1 billion

Partners Life has been bought by a global life insurance specialist for $1 billion.

Friday, August 12th 2022, 6:15PM 9 Comments

Partners Life has been bought by global life insurance specialist Dai-ichi Life Holdings in a deal which values the company at $1 billion.

Founded in 2010, Partners Life is one of the leading life insurers in New Zealand. Its success has been rooted in its commitment to creating high value, innovative and personalised solutions for customers and in advocating for the value of independent advice in supporting New Zealanders to get the right protections in place.

Dai-ichi Life is fully committed to Partners Life remaining a stand-alone New Zealand business with managing director, Naomi Ballantyne and her current executive team staying on board to lead the company into its new future.

Ballantyne says, “I am absolutely delighted at our new partnership with Dai-ichi Life. I have for a long time admired the impact that Dai-ichi Life ownership has had on the TAL business in Australia, believing that it would also be an excellent future owner for the Partners Life business. I believe under Dai-ichi Life ownership, Partners Life will be in very good hands."

She says the deal is a positive outcome for its supportive shareholders, including majority shareholder, Blackstone.

"Our shareholders have collectively been the backbone of Partners Life’s growth over the last decade, and we are so thankful for their support and guidance. I am excited for the future of Partners Life and looking forward to leading Partners Life into this next chapter, taking full advantage of the new opportunities that Dai-ichi Life ownership will bring.”

Partners' recently-appointed chief financial officer, Stewart Taylor, says the transaction is a testament to the New Zealand market’s ability to create globally sought-after leaders in a traditional industry. 

“Dai-ichi Life is a global industry leader and a specialist in personal risk insurance. It has deep life insurance expertise around the world and knows the industry inside and out. Its scale, access to capital, and industry knowledge will be a huge benefit to Partners Life.”

Dai-ichi Life Holdings president and representative director, Mr Seiji Inagaki, says, “Partners Life has established a solid market position, strong customer base, and an
impressive track record of growth. This is a compelling opportunity to build on Dai-ichi Life’s overseas strategy. We have confidence in the Partners Life management team and staff to continue to deliver outstanding value to its customers and their advisers.”

Dai-ichi Life Holdings is one of the world’s most significant global life insurers, operating in Japan, Australia, Vietnam, India, Thailand, Indonesia, United States, Cambodia and Myanmar.

Dai-ichi Life provides a range of insurance products and services across multiple channels including sales representatives, independent agents, walk-in shops, bancassurance and direct channels with around 70,000 employees worldwide.

Dai-ichi Life Holdings acquired TAL in 2011, which they have since grown to become Australia’s largest life insurer based on market share (32.9% today).

The company is listed on the Tokyo Stock Exchange with a diversified shareholding structure with total assets in excess of US$500 billion.

Dai-ichi Life has strived to follow its corporate philosophy of putting its customers first – “By your side, for life” and provide products and services that best suit their customer’s changing needs.

Tags: Dai-ichi Life Partners Life

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Comments from our readers

On 15 August 2022 at 10:46 am AdviserMan said:
Congratulations to Naomi and the Partnerslife Team, this will be another successful step forward on the journey for all Clients, Staff and us Advisers to provide better products and service.
On 15 August 2022 at 1:22 pm Murray Weatherston said:
That sounds a very rich price. Well done the vendors!
On 15 August 2022 at 5:56 pm LNF said:
A very clever business model and strategy from day 1
On 19 August 2022 at 3:43 pm m deaker said:
Well executed and a great model.

@murray weatherston - the $960m price may include the $300m or so for BNZ Life and extra capital. The shareholders of PL may have received significantly less than the headline number.

Still well done on getting his over the line.

On 19 August 2022 at 3:50 pm n ka said:
Agree a great price

@murray - wonder what the deal was for the vendors and how much of the billion quoted is going to BNZ for BNZ Life and how much to be retained as capital. The vendors may only have got part of the coin mentioned.

But congratulations PL
On 21 August 2022 at 11:34 am Murray Weatherston said:
@n ka and m deaker
This was a shareholder to shareholder deal - the money goes from the new shareholder to the old shareholders.
The company PL doesn't get any of the cash
On 22 August 2022 at 5:08 pm robbo nz said:
@murray not sure you have done any reserach but maybe read the Dai Ichi announcement.

Part of the Dai Ichi payment goes to shareholders but part goes to put capital into the business. Presumably this is to pay for BNZ Life.

So yes it looks a sensible deal but it is not necessarily a shareholder deal with the full $960m being paid out to existing PL shareholders.

Not knocking the great work done by PL but just be careful what you assume. They Dai Ichi announcement talks about increasing the capital of PL Group Holidings and this could be to allow for the BNZ Life deal.
On 22 August 2022 at 10:49 pm Murray Weatherston said:
@robbo nz
My initial comments were based on a simple reading of the announcement as published. Having been involved in capital markets and corporate finance since 1985, I assert that I have built a tad of knowledge and expertise on such matters..
However I have just read Dai-ichis announcement of 12 August, and am not surprised my initial assessment seems 100% correct. Daiichi through a subsidiary (that they have to inject capital into to pay the bill) are buying 170,325,349 shares off the existing shareholders of the owner for $980 million.
And robbo nz, I do hope you don't advise on corporate finance.
PS a Dai-ichi management statement to the market said that while the price was 83B Yen, FY2026 (yes 2026) was estimated to be only 5.7B Yen - yes a very rich price.
On 22 August 2022 at 10:54 pm Murray Weatherston said:
Oops missed a word out - last sentence should say FY2026 "profit" was estimated to be 5.7B Yen. Sorry about that.

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