Partners Group to buy Fidelity Life for $630m in deal that will see an Asian giant get a larger slice of the NZ life insurance market
Partners Group, a subsidiary of Japan's Daiichi Life Group, has agreed to acquire New Zealand's Fidelity Life for $630 million. This deal continues the trend of consolidation in the New Zealand life insurance market by large Asian financial institutions.
Why it matters
The acquisition marks a significant shift in the ownership of New Zealand's financial services sector, moving toward consolidation under international corporate entities.
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A Japanese giant has agreed to buy New Zealand’s largest locally owned life insurer for $630 million, in a deal that could materially consolidate the market.
Partners Group Holdings, a subsidiary of Japan-headquartered Daiichi Life Group, has agreed to buy Fidelity Life Assurance.
If the deal receives regulatory approval and proceeds as planned, two of New Zealand’s largest life insurance brands – Partners Life and Fidelity Life – will come under the ownership of one company.
Together, the two brands would have nearly as much market share (according to insurance revenue) as the country’s largest life insurer, AIA.
Partners Life and Fidelity Life will continue operating as they are for now, so customers, staff and advisers don’t need to do anything.
Decisions on how they will operate, should the deal proceed, are yet to be made.
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