Gareth Vaughan has an excellent article, rich with detail, on the Co-op Money transaction with Pinnacle Life. First, let me be clear - Co-op Money NZ is not the same as Co-operative Life, often abbreviated to Co-op Life, a subsidiary of The Co-operative Bank.
Co-op Money NZ has sold a book of life business to Pinnacle Life, and non-life business to Provident. My understanding is that this is a move that has been contemplated for some years. The sale conclusion, however, was timely, as pressures from systems changes at Co-op Money NZ have been affecting the balance sheet. Lots of detail in Vaughan's article. Link.