Fidelity Life profit falls 32% as gain from KiwiSaver sale washes through, hikes dividend

Fri, 23 Oct 2015

By Paul McBeth Oct. 23 (BusinessDesk) - Fidelity Life Assurance, the country's third-biggest life insurer, reported a 32 percent drop in annual profit, reflecting a year-earlier gain from the sale of its KiwiSaver business. The board raised its dividend payment as underlying earnings rose. Net profit fell to $23.8 million in the year ended June 30, from $35.1 million a year earlier, when the insurer benefited from $16.2 million gain on the sale of its KiwiSaver scheme to Grosvenor Financial Services, according to Fidelity's annual report...

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