Partners Life snaps up BNZ life insurance arm

Thursday, 17 December 2020

Partners Life has agreed to buy BNZ's life insurance business BNZ Life from its Australian parent NAB for $290 million.

NAB said the sale was consistent with its focus on core banking businesses. It will include a 10-year agreement for BNZ to make life insurance referrals only to Partners Life.

BNZ chief executive Angela Mentis said ensuring BNZ customers continued to access insurance remained important to the bank.

''We’re confident that this sale will provide the best outcome for our insurance customers and that they will continue to receive a high standard of customer service from a New Zealand insurance provider with a strong local reputation.”

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Existing BNZ Life customers would have their cover upgraded to incorporate Partners Life customer loyalty and other benefits, and would have the flexibility to add cover.

The proposed transaction is subject to approval by the Overseas Investment Office and the Reserve Bank, which is expected to take several months.