Kiwi Group completes $45m sale of Kiwi Insurance to nib NZ

Mon, 02 May 2022

Kiwi Group Holdings has completed the sale of Kiwi Insurance to nib New Zealand for $45 million after receiving regulatory approval.The sale was announced in November.Under the deal, nib has bought all the shares in Kiwi Insurance and entered into an exclusive deal with Kiwibank, the group's major operating business, under which Kiwibank will refer its customers The announcement didn't say so, but presumably the proceeds will be used to top up Kiwibank's capital requirements.Kiwibank had the lowest level of equity, at 10.4% of...

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