Partners Life finally snares BNZ

BNZ has completed the sale of BNZ Life, to Partners Life, settling the transaction Friday.

The deal was announced in December 2020 pending regulatory and other approvals, which were received in September.

A key reason for the long settlement period is that the deal required regulatory approval from the Reserve Bank and BNZ also had to seperate the life business from the bank.

In August Japanese insurance giant, Dai-ichi Life Holdings, agreed to buy Partners for close to $1 billion. Dai-ichi says it will "study and consider some initiatives such as up-selling to existing policyholders after the completion of the acquisition of BNZ Life, efficient capital and financial measures within the group, and sharing know-how and collaboration with TAL in Australia, which has similarities in the insurance market and culture."

Dai-ichi said, in an announcement to the Japanese stock exchange in August, that the sale "will allow Partners Life to diversify its channels, expand, and stabilise its business scale while maintaining the independent financial adviser channel as its core business."

BNZ executive, customer, products, and services, Karna Luke, says the sale is "an important part of our drive to simplify our business as we work to perfect the basics and relentlessly focus on serving our customers brilliantly."

“Partners Life are an industry leader in life insurance in New Zealand, and our shared values of putting our customers first and partnering with them to help them reach their goals gives us the utmost confidence our insurance customers are in good hands,” Luke says.

Luke also thanked the many BNZ people who work in the BNZ Life business, and who start as Partners Life employees from tomorrow: “A special vote of thanks to our people for their mahi, continually focussing on serving our customers while preparing for the completion of the sale at the same time.”

Partners Life managing director Naomi Ballantyne, says, “We are absolutely delighted to be welcoming BNZ Life customers and staff into the Partners Life business and we are determined to look after them just as well as we have always done for our existing customers and staff."

"We have been very impressed with the commitment and capability of BNZ staff to ready the BNZ Life business for a seamless hand-over and we are very much looking forward to our ongoing referral relationship with BNZ.”

All BNZ Life customers have transitioned to being Partners Life customers.

Under the sale agreement, BNZ will continue to refer customers with life insurances needs to Partners Life exclusively for a 10-year period, subject to Partners Life continuing to meet agreed operating standards.