Westpac Bank has sold its New Zealand life insurance business. Photo / 123RFBy RNZWestpac Bank has sold its New Zealand life insurance business to local insurer Fidelity Life for $400 million. As part of the deal, Westpac would refer any potential life insurance customers to the company for the next 15 years. Westpac is the latest bank to exit the life insurance industry, after BNZ sold its insurance arm to Partners Life last year. In 2019, the RBNZ and the Financial Markets Authority criticised the life insurance industry for being too slow to change their culture and conduct.

Source: New Zealand Herald July 06, 2021 04:30 UTC