Westpac purchase will give Fidelity 17% of life market

Fidelity Life chief executive Melissa Cantell said her company will want to maintain stability in the Westpac business. (Image: Supplied)

Jenny Ruth

Wed, 07 Jul 2021

Fidelity Life's $400 million purchase of Westpac's New Zealand life operations will take its market share from about 11.5% to nearly 17%, based on Financial Services Council statistics.Fidelity Life chief executive Melissa Cantell told BusinessDesk the two businesses are roughly the same size, depending on whether one uses market share, revenue or profitability as the measure.Fidelity is already NZ's largest locally owned life insurance company.The acquisition, which is subject to Westpac shareholders' and regulatory approval, i...

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