Partners Group Holdings (PNZ), the New Zealand holding company of Daiichi Life Group’s Partners Life, has agreed to acquire Fidelity Life Assurance Company (Fidelity Life), bringing together two New Zealand-founded life insurers.
Financial terms of the proposed transaction were not disclosed. The deal remains subject to regulatory approvals and other completion conditions.
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The combination is expected to create an opportunity to strengthen investment capacity and support a broader range of life and health insurance solutions for New Zealand customers.
PNZ said Partners Life and Fidelity Life will continue operating as separate businesses throughout the approval process, with no immediate changes for customers, advisers, partners or staff.
Both insurers also confirmed that existing relationship channels and contacts would remain unchanged, and that no action is required from customers or advisers.
Partners Life CEO Michael Weston said: “If approved, the opportunity is to build a strong and sustainable future that carries forward the relationships, experience and customer commitment people value today, while creating greater capacity to invest, adapt and support customers, advisers and partners over time.”
He added that the transaction would also support the group’s longer-term ambitions in New Zealand.
“It would also advance our purpose of building a brighter and more secure future for New Zealanders and reflect Daiichi Life Group’s confidence in, and commitment to, the New Zealand market and community,” Weston said.
Fidelity Life has operated in New Zealand for more than 50 years.
Fidelity Life Assurance Company CEO Campbell Mitchell said: “Fidelity Life is a strong business built over more than 50 years on trusted relationships, deep local experience and a commitment to doing the right thing for New Zealanders.
“There is still a process to work through, but throughout it our focus remains firmly on supporting our customers, advisers, strategic partners and people,” Mitchell added.
