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Westpac Group has today announced it has completed the sale of its New Zealand life insurance business, Westpac Life, to New Zealand’s largest locally owned life insurer, Fidelity Life, for NZ$400 million.
As part of the sale, Westpac Life has been renamed Fidelity Insurance and entered into a 15-year life insurance distribution arrangement with Westpac NZ. Under this arrangement, Westpac NZ will distribute Fidelity Insurance products to its retail customers for the next 15 years.
The transaction was first announced on 6 July 2021 and the terms of the sale remain unchanged.
Fidelity Life’s largest shareholder, the NZ Super Fund, and new investor Ngāi Tahu Holdings, have funded the majority of the acquisition.
Westpac NZ Chief Executive Catherine McGrath says Westpac Life customers are in good hands.
“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.”
Ms McGrath says the sale does not affect existing life insurance policies.
“Westpac life insurance customers do not need to take any action. There is no change to their existing policies or the way they make their claims, with policies continuing under existing terms and conditions.
“They can also ring the same phone number they’ve always rung to talk to an expert about their life insurance.”
Fidelity Life Chief Executive Melissa Cantell says people are at the heart of the new alliance with Westpac NZ.
“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.”
Westpac life insurance customers will be sent information about the change from tomorrow.