Partners Life will acquire BNZ Life from NAB (ASX:NAB) for $290 million.
Congratulations to Partners Life on the acquisition and NAB on the disposal. This continues the trend in the industry for bancassurers to be sold into specialist insurance company ownership. That process began with AIA's acquisition of Sovereign and was continued by Cigna's acquisition of OnePath Life.
Naomi Ballantyne's comment (see the interest.co.nz story below) on the acquisition covers the territory well highlighting aspects of Partners Life's product management that will benefit BNZ Life customers.
A couple of useful links for more information: additional links added 17 December
https://player.vimeo.com/video/491351901 - the video announcement by Naomi Ballantyne, CEO, Partners Life