The New Zealand subsidiary of nib has agreed to acquire the life insurance business of Kiwi Group Holdings (KGH).

The transaction, which is expected to close early next year, will see nib acquire Kiwi Insurance for $32.21m.

Concurrently, nib has formed a bancassurance partnership with KGH’s wholly-owned banking subsidiary Kiwibank.

Under the partnership, Kiwibank will refer its retail customers to nib for life insurance offerings.

nib CEO Rob Hennin said: “We are all about supporting our members better health and we are looking forward to providing them access to a suite of health, life and living insurance covers.”

Kiwibank chief executive Steve Jurkovich stated that the latest partnership simplifies its business and builds its partnership capabilities.

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Jurkovich added: “Life insurance plays a vital role in providing financial security from the unexpected, and I’m delighted that Kiwibank and nib are entering into a long-term partnership that will support Kiwis to be better off.”

The firms stated that the partnership will not impact policyholders and their existing policies will remain unchanged.

Australian insurer nib offers health and medical insurance to over 1.6 million Australian and New Zealand customers.

The insurer is also a leading travel insurer in Australia and distributs travel insurance globally through its subsidiary nib Travel.

Last week, Australian financial services company AMP agreed to sell 19.13% equity interest in Resolution Life Australasia for $389.87m (A$524m).