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March 1, 2022

Westpac sells New Zealand life insurance business to Fidelity Life

Australia’s Westpac Group has completed the divesture of its New Zealand life insurance business, Westpac Life.

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Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
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Fidelity Life, which is among New Zealand’s leading locally-owned life insurers, paid $269.44m for Westpac Life.

As per the agreement, the acquired unit has been rebranded as Fidelity Insurance.

It has also formed a life insurance distribution partnership with Westpac NZ, which will see it distribute Fidelity Insurance products to its retail customers for the next 15 years.

The deal, which was announced in mid-2021, is aimed at allowing Westpac to focus on core banking operations. 

Westpac NZ CEO Catherine McGrath said: “This transaction allows our team at Westpac NZ to simplify what we do by focussing on banking and related services, while simultaneously building a relationship with a life insurance specialist who we know will look after our customers.

“Fidelity Life is the largest New Zealand owned and operated life insurer with a singular focus on helping New Zealanders with their life insurance needs.”

The majority of the transaction was funded by Fidelity Life’s new investor Ngāi Tahu Holdings and its largest shareholder the NZ Super Fund. 

The sale will not have any impact on policies that are already in place. 

Fidelity Life CEO Melissa Cantell said: “From today we officially welcome around 50 new team members, 150,000 customers, a new large shareholder in Ngāi Tahu Holdings and a new strategic alliance partner in Westpac NZ to the Fidelity Life whānau.

“Completing this acquisition is an important step towards our aspiration to reimagine life insurance for New Zealanders. It will allow us to leverage the investments we’re making in data and technology, dial-up our strong New Zealand brand even further and ultimately help more New Zealanders get the benefits of insurance protection.”

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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