Sale of Kiwi Insurance to nib completed
Kiwi Group Holdings (KGH) says it has completed the sale of its life insurance business, Kiwi Insurance, to nib New Zealand for $45 million.
The sale was announced in November 2021 subject to regulatory approvals which have now been received.
Under the deal, nib has acquired all the shares in Kiwi Insurance and entered an exclusive partnership with Kiwibank where the bank will refer its retail customers to nib for their life and living insurance needs.
Kiwibank chief executive Steve Jurkovich said Kiwi Insurance customers did not need to do anything as a result of the sale and that they were in good hands with nib.
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