The major bank confirmed on Tuesday that it has sold Westpac Life-NZ-Ltd to Fidelity Life Assurance Company Ltd – New Zealand’s largest locally owned life insurer – at a sale price of $373 million.
The transaction will also include ongoing payments from the agreement to Westpac New Zealand Ltd.
“This transaction is the latest step in simplifying our business while continuing to help customers with their life insurance needs,” Westpac chief executive Peter King said.
“Life insurance products are important for many New Zealanders, and we are pleased to be entering a long-term partnership with a life insurance specialist to continue to help our customers protect themselves and their loved ones.”
The transaction is subject to approval and is expected to be completed by the end of the year.
