Kiwi Group Holdings Limited (KGH) today announced it has completed the sale of its life insurance business, Kiwi Insurance Limited (Kiwi Insurance), to nib NZ holdings limited (nib New Zealand) for NZ$45 million. More from the Kiwi Group media release:
The sale was announced in November 2021 subject to regulatory approvals which have now been received.
Under the deal, nib New Zealand has acquired all the shares in Kiwi Insurance and entered an exclusive partnership with Kiwibank (a wholly owned subsidiary of KGH) 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.
“I’m excited about this new partnership with nib which will allow Kiwibank to continue to deliver on its purpose of making Kiwi better off, whether that’s getting into a home or having the right insurance in place to protect what matters most,” Mr Jurkovich said.
nib New Zealand Chief Executive Officer, Rob Hennin said they were committed to providing a seamless transition and ongoing great service to current customers including honouring all current policy benefits.
“We look forward to welcoming current customers into the nib family and offering all Kiwi access to a suite of life and living insurance covers in line with our purpose of your better health,” Mr Hennin said.
Advisers I spoke with were still not aware of the purchase of a life insurer by a major health insurer and expressed interest in the prospect of the creation of another 'full range' insurer to join AIA and Partners Life.
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