Westpac to sell New Zealand life insurance arm for $281 million

Westpac has agreed with Fidelity Life Assurance to sell Westpac Life-NZ for NZ$400 million and enter into an exclusive 15-year agreement for the distribution of life insurance products to Westpac’s New Zealand customers.

Fidelity Life Assurance is New Zealand’s largest locally-owned life insurer, backed by cornerstone investor the NZ Super Fund.

“This transaction is the latest step in simplifying our business while continuing to help customers with their life insurance needs . Life insurance products are important for many New Zealanders and we are pleased to be entering a long-term partnership with a life insurance specialist to continue to help our customers protect themselves and their loved ones.” – Westpac Chief Executive Officer, Peter King.

Westpac Life-NZ- Limited is part of Westpac’s New Zealand operations. As of March 2021, the business had annual in-force premiums of NZ$149 million.