Fidelity to net some $16 mln from KiwiSaver sale as accounts show 26 percent boost in annual profit

Thu, 26 Sep 2013

By Paul McBeth Sept. 26 (BusinessDesk) - Fidelity Life Assurance, which bought Tower’s life insurance business for $145 million in cash and liabilities this year, will book about a $16 million gain from the sale of its KiwiSaver assets, according to its latest annual report showing a 26 percent lift in profit. The Auckland-based insurer agreed to sell its KiwiSaver scheme with more than $300 million under management for 64,800 members to Grosvenor Financial Services in July, for $16.5 million in cash and shares, the company said in its annu...

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