Partners Life sold: Price $1 billion

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."