New Zealand-based insurance firm Tower has decided to retain its domestic life insurance business, after divesting majority of its life insurance operations in 2013.

The company had earlier evaluated options for sale of its New Zealand life business, however, has now dropped the plans.

Explaining the company’s decision, Tower chief executive officer David Hancock said the company had completed a formal process with a number of interested parties and had determined that greater shareholder value would be realized by retaining the business.

"TOWER believes there are a number of opportunities to continue to improve the business performance of the retained life business, and for a release of capital over time," Hancock added.

The Tower Life business comprises 50,000 policies including participating and non-participating Life insurance policies, annuities and unit linked insurance policies.

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