Kiwi Group Holdings Limited (KGH) today announced the sale of its life insurance business, Kiwi Insurance Limited, to nib nz holdings limited (nib) for NZ$45 million.
Under the terms of the deal nib will purchase 100% of the shares in Kiwi Insurance Limited and enter an exclusive relationship with Kiwibank Limited (Kiwibank – a wholly owned KGH subsidiary) which will see the bank refer its retail customers to nib for their life and living insurance needs. The sale is subject to regulatory approvals.
Kiwibank Chief Executive Steve Jurkovich said he was excited about today’s announcement which delivers on Kiwibank’s growth strategy by simplifying its business, building the bank’s partnership capabilities, and providing great outcomes for customers.
“Life insurance plays a vital role in providing financial security from the unexpected, and I’m delighted that Kiwibank and nib are entering into a long-term partnership that will support Kiwi to be better off,” said Mr Jurkovich.
nib Chief Executive Officer, Rob Hennin said there was a strong alignment between the values and mission of the companies making the acquisition and new partnership a great fit.
“We’re all about supporting our members better health and we’re looking forward to providing them access to a suite of health, life and living insurance covers,” Mr Hennin said.
Kiwi Insurance policyholders don’t need to do anything and will see no change to their current policies as a result of the sale.
Customers will receive further information ahead of the completion of the sale to nib in early 2022. In the meantime, it’s business as usual for the Kiwi Insurance team who remain committed to providing a great service to customers.
Kiwibank: Tony Reid - Head of Corporate Affairs, phone +64 27 405 1174, email: firstname.lastname@example.org
nib: Renea Jaeger - Head of Corporate Relations, phone: +61 402 376 835, email: email@example.com
About Kiwi Group Holdings
Kiwi Group Holdings Limited is the parent of Kiwibank, Kiwi Wealth, Kiwi Insurance and New Zealand Home Loans. In turn, Kiwi Group Holdings is owned by New Zealand Post (53%), the New Zealand Superannuation Fund (25%) and ACC (22%).
Kiwibank was formed 20 years ago to be a credible, local banking alternative. Today, it is the largest of the New Zealand-owned banks with over a million customers. It provides simple, easy banking products and services and its purpose is to make both Kiwi and New Zealand better off.
About nib New Zealand
nib New Zealand helps Kiwis and their families live healthier, happier lives. It does this by offering health insurance that’s easy to use and affordable while also helping connect members to the right tools and services to improve their own health. Learn more at nib.co.nz