Fidelity Life gets $100 million injection

The $36 billion New Zealand Superannuation Fund is proposing to take a minimum $100 million stake in Fidelity Life which would give it a 41.1% cornerstone stake in the company.

The transaction is subject to a number of conditions, some of which require action from shareholders.

Fidelity Life chairman Brian Blake, says securing the NZ Super Fund as a major shareholder will provide new capital which will enable the company to accelerate its growth strategy.

“Fidelity Life has experienced strong growth in recent years and this has outpaced our ability to fund the future rate of growth we’re aiming for without additional capital.”