Deal values Fidelity at $560 million

Westpac has completed its sales of its life insurance business to Fidelity Life. The business will be called Fidelity Insurance. The deal was funded largely by shareholders, the NZ Super Fund and Ngāi Tahu Holdings.

The NZ Super Fund is also a shareholder in Kiwi Group Holdings, which owns Kiwibank. Kiwibank recently sold its insurance arm to nib.

Ngāi Tahu Holdings has paid $140 million for a 24.9% stake in Fidelity Life which values the business at around $560 million.

Fidelity now has around 50 new staff and has added 150,000 customers to its business.