Kiwi Group Holdings Announces Sale Of Life Insurance Business; Kiwibank And Nib To Enter Strategic Partnership.

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.
 

© Scoop Media