Partners Life buys BNZ’s life insurance arm for $290m

Wed, 16 Dec 2020

Partners Life has agreed to buy the Bank of New Zealand’s life insurance business for $290 million.The life insurer counts US private equity firm Blackstone as a backer, and has been toying with an initial public offering for at least half its 10-year existence.Partners Life said the deal is subject to Overseas Investment Office and Reserve Bank approval, which will probably take several months.As part of the deal with BNZ’s parent, National Australia Bank, BNZ will refer customers to Partners Life in a 10-year agreement. In return,...

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