Agreement to sell BNZ Life Insurance business to Partners Life

Share

Share

NAB today announced it has entered into an agreement to sell BNZ Life, its New Zealand life insurance business, to leading New Zealand life insurance provider Partners Life for NZ$290 million.

The agreement to sell is consistent with NAB’s strategy to focus on its core banking businesses across Australia and New Zealand.

BNZ CEO Angela Mentis said: “Ensuring BNZ customers continue to access insurance remains important to us. 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.”

Partners Life Managing Director, Naomi Ballantyne (ONZM) said: “I am absolutely delighted for Partners Life to acquire such a long-standing and respected life insurance business from NAB and we are intent on ensuring that all BNZ Life and Partners Life customers benefit from this transaction.”

Upon completion, the sale is expected to result in an increase in NAB Group’s Common Equity Tier 1 (CET1) ratio of 6 bps based on the NAB Group’s risk weighted assets as at 30 September 2020.

As part of the sale, BNZ will also enter into an exclusive 10-year agreement for the referral of BNZ’s customers with life insurance needs to Partners Life, subject to Partners Life continuing to meet agreed operating standards.

The sale is subject to regulatory and other approvals with completion expected to occur in late 2021.

Announcements

SEE ALL TOPICS

Related Articles

  • Full Year Results

NAB 2021 Full Year Results

NAB Group Chief Executive Officer Ross McEwan today released NAB’s 2021 Full Year Results and Annual Review.

  • 09.11.2021
  • Time to read 1 min read
  • Announcements

Port of Newcastle Hydrogen Hub

  • 08.11.2021
  • Time to read 1 min read
  • Climate

NAB receives HRH The Prince of Wales’ Terra Carta Seal in recognition of commitment to creating a sustainable future

NAB was awarded the inaugural 2021 Terra Carta Seal by His Royal Highness the Prince of Wales at the UN Climate Change Conference (COP26) in Glasgow.

  • 04.11.2021
  • Time to read 2 min read

Quick links

National Australia Bank — NAB

Sometimes When The Unexpected Happens, We Realise What We Truly Value. Whether A Home, Farm, Business Or Your Passion, NAB Is Here To Support You.

Business Research and Insights

For more business news and analysis, visit NAB’s Business Research and Insights.