Bank of New Zealand (BNZ) has completed the sale of NAB Group’s New Zealand life insurance business, BNZ Life, to Partners Life, settling the transaction today.
The deal was announced in December 2020 pending regulatory and other approvals, which were received in September.
BNZ Executive, Customer, Products, and Services, Karna Luke, says, “We’re pleased to be able to complete the sale of BNZ Life to Partners Life. It’s 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,” says Luke.
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 (ONZM), 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 as of today.
Under the sale agreement, BNZ will continue to refer customers with life insurances needs to Partners Life exclusively for a ten-year period, subject to Partners Life continuing to meet agreed operating standards.