Tower sells remaining life business to Foundation Life for $36 mln

Mon, 30 Jun 2014

1 (BusinessDesk) - Tower has sold its remaining life insurance business to Australian-owned Foundation Life (NZ) Holdings for $36 million, completing its transformation to a general insurer. The sale of Tower Life (NZ) includes a payment of $34 million upfront and a further $2 million in two years, the Auckland-based company said in a statement. Tower Life had assets of more than $700 million as at March 31. Tower kept Tower Life when it sold its health, life and investment units to focus on general insurance, which allowed the company...

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