Partners Life sold: Price $1 billion

Partners Life has been bought by global life insurance specialist Dai-ichi Life Holdings in a deal which values the company at $1 billion.

Founded in 2010, Partners Life is one of the leading life insurers in New Zealand. Its success has been rooted in its commitment to creating high value, innovative and personalised solutions for customers and in advocating for the value of independent advice in supporting New Zealanders to get the right protections in place.

Dai-ichi Life is fully committed to Partners Life remaining a stand-alone New Zealand business with managing director, Naomi Ballantyne and her current executive team staying on board to lead the company into its new future.

Ballantyne says, “I am absolutely delighted at our new partnership with Dai-ichi Life. I have for a long time admired the impact that Dai-ichi Life ownership has had on the TAL business in Australia, believing that it would also be an excellent future owner for the Partners Life business. I believe under Dai-ichi Life ownership, Partners Life will be in very good hands."

She says the deal is a positive outcome for its supportive shareholders, including majority shareholder, Blackstone.

"Our shareholders have collectively been the backbone of Partners Life’s growth over the last decade, and we are so thankful for their support and guidance. I am excited for the future of Partners Life and looking forward to leading Partners Life into this next chapter, taking full advantage of the new opportunities that Dai-ichi Life ownership will bring.”

Partners' recently-appointed chief financial officer, Stewart Taylor, says the transaction is a testament to the New Zealand market’s ability to create globally sought-after leaders in a traditional industry. 

“Dai-ichi Life is a global industry leader and a specialist in personal risk insurance. It has deep life insurance expertise around the world and knows the industry inside and out. Its scale, access to capital, and industry knowledge will be a huge benefit to Partners Life.”

Dai-ichi Life Holdings president and representative director, Mr Seiji Inagaki, says, “Partners Life has established a solid market position, strong customer base, and an
impressive track record of growth. This is a compelling opportunity to build on Dai-ichi Life’s overseas strategy. We have confidence in the Partners Life management team and staff to continue to deliver outstanding value to its customers and their advisers.”

Dai-ichi Life Holdings is one of the world’s most significant global life insurers, operating in Japan, Australia, Vietnam, India, Thailand, Indonesia, United States, Cambodia and Myanmar.

Dai-ichi Life provides a range of insurance products and services across multiple channels including sales representatives, independent agents, walk-in shops, bancassurance and direct channels with around 70,000 employees worldwide.

Dai-ichi Life Holdings acquired TAL in 2011, which they have since grown to become Australia’s largest life insurer based on market share (32.9% today).

The company is listed on the Tokyo Stock Exchange with a diversified shareholding structure with total assets in excess of US$500 billion.

Dai-ichi Life has strived to follow its corporate philosophy of putting its customers first – “By your side, for life” and provide products and services that best suit their customer’s changing needs.