Media release
6 July 2021
Ngāi Tahu Holdings, the investment arm of Te Rūnanga o Ngāi Tahu, will take a $140 million, 24.9% stake* in Fidelity Life, further strengthening the life insurer’s New Zealand-owned credentials.
Ngāi Tahu Holdings’ investment will help fund Fidelity Life’s acquisition of Westpac Life, which was also announced today, subject to regulatory and shareholder approvals.
Fidelity Life Chair Brian Blake says welcoming Ngāi Tahu Holdings as an investor, alongside the NZ Super Fund, is another significant milestone for the wholly New Zealand owned life insurer.
“In the NZ Super Fund and Ngāi Tahu Holdings we now have two of New Zealand’s most successful investors on our share register, and that’s a great endorsement of Fidelity Life and our plans for the future.”
Ngāi Tahu Holdings Chief Executive Mike Pohio says the investment will provide attractive benefits to both sides as well as further diversifying and increasing the growth profile of Holdings’ portfolio.
“Fidelity Life is a very well-respected national business in a very strong position, so we see this as an investment to be celebrated.”
Fidelity Life Chief Executive Melissa Cantell says Ngāi Tahu Holdings’ investment will provide a significant boost to Fidelity Life.
“2021 is another big year for Fidelity Life as we progress with our aspiration to reimagine life insurance for New Zealanders.”
“As well as welcoming Ngāi Tahu Holdings and Westpac Life, we are close to completing our new technology platform which enables us to continue our customer experience transformation.”
*Figures are post-transaction completion.
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