Daiichi Life Group to buy Fidelity Life Assurance

Japanese insurer Daiichi Life Group has agreed to acquire New Zealand’s Fidelity Life Assurance for ~$370 million, as part of efforts to expand its international business.

Daiichi plans to acquire shares of Fidelity Life from Guardians of New Zealand Superannuation and other shareholders. Fidelity Life will become a consolidated subsidiary of the Japanese insurer through Partners Life.

Daiichi said the acquisition would expand Partners Life’s sales channels and customer base in New Zealand and strengthen its competitiveness in the country’s life insurance market.

The acquisition is expected to be completed between March and July 2027.