National Australia Bank (NAB) has agreed to sell its New Zealand life insurance business BNZ Life, its New Zealand life insurance business to Partners Life for NZ$290m (£152.6m, $207m, €169.1m).
The agreement is part of NAB’s strategy to focus on its core banking businesses across Australia and New Zealand.
As part of the deal, BNZ will also enter into an exclusive 10-year agreement for the referral of BNZ’s customers with life insurance needs to Partners Life, subject to Partners Life continuing to meet agreed operating standards.
The sale is subject to regulatory and other approvals with completion expected to occur in late 2021.
Provide best outcome
Angela Mentis, BNZ chief executive, said: “Ensuring BNZ customers continue to access insurance remains important to us.
“We’re confident that this sale will provide the best outcome for our insurance customers and that they will continue to receive a high standard of customer service from a New Zealand insurance provider with a strong local reputation.”
Naomi Ballantyne, Partners Life managing director, said: “I am absolutely delighted for Partners Life to acquire such a long-standing and respected life insurance business from NAB and we are intent on ensuring that all BNZ Life and Partners Life customers benefit from this transaction.”
