Tokyo Stock Exchange listed giant Dai-ichi Life Holdings has struck a deal to acquire New Zealand insurer Partners Life for close to $NS1 billion.
Partners is headquartered in Auckland, and is the second-largest player in New Zealand, based on in-force and new business premiums. It has been around since 2010 and profitable for the past five years.
Blackstone owned 52.6 per cent of the company via a subsidiary Immortality Pte Ltd, while minority shareholders include Rangatira Limited, Stahl Capital, Masfen Securities, Kibo Investments and Waterman Fund 2 Limited Partnership. Partners had $NZ673 million net assets, $NZ370 million in premium income and $NZ2.5 million in net profit after income tax for the year ending March. In late 2020, it picked up Bank of New Zealand’s life insurance business.
Australia’s long been a hunting ground for Dai-ichi. It bought Guinness Peat Group’s 29.7 per cent stake in ASX-listed Tower Australia in 2008. Two and a half years later, it paid $1.2 billion to buy the entire business and turned it into TAL Dai-ichi Life Australia. Since then, it’s also added Suncorp’s life business for $725 million and Westpac Life for $900 million.co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Five stars: Being reborn again and again makes for glorious TVWhat would you do if you have another chance at life? That’s the question posed by the beautifully realised BBC drama Life After Life.
Read more »
Anne Heche on life support, 'not expected' to survive injuries suffered in car crashUS actor Anne Heche — who is in a coma and in a critical condition — is not suspected to survive a 'severe anoxic brain injury' she suffered in a car crash, a representative said, and is being kept on life support for possible organ donation.
Read more »
Vegetarian women more likely to fracture hips in later life, study showsResearch suggests some vegetarians may not get sufficient nutrients for good bone and muscle health
Read more »
‘Appointed myself captain-coach’: Raiders adjust to life without StuartCanberra’s players and assistant coaches are adamant their focus is on Sunday’s must-win clash against the Dragons with Ricky Stuart banned from all training and the match.
Read more »
Vegetarian women more likely to fracture hips in later life, study showsResearch suggests some vegetarians may not get sufficient nutrients for good bone and muscle health
Read more »
Anne Heche ‘not expected to survive’ car crash, actor’s family saysThe US actor will be taken off life support after it is determined if her organs are viable for donation, following a severe collision that left her car in flames
Read more »