Partners Life Set to Acquire BNZ Life for NZ$290 million

We are excited to announce that we have entered into an agreement to buy the BNZ Life insurance business from BNZ’s Australian parent company NAB for NZ$290 million. The proposed transaction is subject to approval by the Overseas Investment Office and the Reserve Bank of New Zealand, a process which is expected to take several months.

We've had a close business partnership with BNZ over the past several years, where we've both held each other in high regard and significant respect. The sale of BNZ Life to Partners Life is a natural progression of this strong partnership. 

We have continuously invested in systems, technologies and brand since our inception to build a “template” for how life insurance products should be developed and delivered to New Zealand consumers. The substantial scale of the combined businesses will significantly enhance the efficiency for Partners Life and provide the base from which further innovations can be launched, increasing the value provided to our customers. 

Our Managing Director, Naomi Ballantyne (ONZM) says, “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.” 

Existing BNZ Life customers will benefit by having their covers upgraded to incorporate the market leading Partners Life claims philosophies, automatic product upgrade provision, customer loyalty benefits and enhancements to their product features and benefits. They will also have the flexibility to add additional covers from our comprehensive range of market leading product solutions, where they have a need. 

As part of the transaction BNZ and Partners Life will also enter into an exclusive 10-year agreement for the referral of BNZ's customers with life insurance needs. By facilitating a referral to Partners Life for BNZ customers who have an identified risk protection need, BNZ can take comfort that their customer's life insurance specific needs are being expertly provided for by Partners Life. 

“BNZ CEO Angela Mentis says, “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.” 

We as a company have consistently demonstrated its commitment to the New Zealand market and the wellbeing of families since it was founded in 2011. We have established a number of programmes to support customers and communities and most recently, during the COVID lockdowns, we made the most generous offer in the industry for premium holidays and policy suspensions, ensuring that customers who had suffered a significant loss of income and were temporarily unable to pay their premiums could keep their insurance while they found new work.