The deal involves an exclusive partnership with Kiwibank
Kiwi Group (KGH) has completed the sale of its life insurance business, Kiwi Insurance, to nib New Zealand for $45 million.
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The sale was announced in November, but just received all the necessary regulatory approvals.
Part of the deal involved entering an exclusive partnership with Kiwibank, a wholly owned subsidiary of KGH, where the bank will refer its retail customers to nib for their life and living insurance needs.
Steve Jurkovich, Kiwibank CEO, said Kiwi Insurance customers did not need to do anything as a result of the sale.
“I’m excited about this new partnership with nib, which will allow Kiwibank to continue to deliver on its purpose of making Kiwi better off, whether that’s getting into a home or having the right insurance in place to protect what matters most,” Jurkovich said.
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Rob Hennin, nib New Zealand CEO, said the company was committed to providing a seamless transition and ongoing great service to current customers, including honouring all current policy benefits.
“We look forward to welcoming current customers into the nib family and offering all Kiwi access to a suite of life and living insurance covers in line with our purpose of your better health,” Hennin said.
