Partners Life finally snares BNZ

BNZ has completed the sale of BNZ Life, to Partners Life, settling the transaction Friday.

The deal was announced in December 2020 pending regulatory and other approvals, which were received in September.

A key reason for the long settlement period is that the deal required regulatory approval from the Reserve Bank and BNZ also had to seperate the life business from the bank.

In August Japanese insurance giant, Dai-ichi Life Holdings, agreed to buy Partners for close to $1 billion. Dai-ichi says it will "study and consider some initiatives such as up-selling to existing policyholders after the completion of the acquisition of BNZ Life, efficient capital and financial measures within the group, and sharing know-how and collaboration with TAL in Australia, which has similarities in the insurance market and culture."