Ngāi Tahu Holdings in now an official investor in Fidelity Life, following the completion of the insurer’s $400 million acquisition of Westpac Life.
The acquisition was mostly funded by NZ Super Fund, Fidelity Life’s largest shareholder, and Ngāi Tahu Holdings, which now has a $140 million, 24.9% stake in the life insurer.
“We’re very proud to have two of New Zealand’s most successful investors in the NZ Super Fund and Ngāi Tahu Holdings on our share register,” said Fidelity Life chair Brian Blake. “It’s a powerful combination and helps set us up for a successful future.”
Ngāi Tahu Holdings is owned by the Ngāi Tahu iwi of the South Island and has interests in various industries, such as property, tourism and media.
"This investment by Ngāi Tahu Holdings aligns with our refreshed strategy and contributes to the diversification of our portfolio,” said Craig Ellison (pictured above), CEO of Ngāi Tahu Holdings. “Our focus is firmly on intergenerational growth of the pūtea for future generations of our whānau, and this investment will help contribute to that success.”
Following the investment, Ngāi Tahu Holdings will name one new director to Fidelity Life’s board.
“Ngāi Tahu Holdings are a fantastic addition to the Fidelity Life whānau and will help us progress our aspiration to reimagine life insurance for New Zealanders,” said Melissa Cantell, Fidelity Life CEO. “We know New Zealanders love supporting locally owned businesses and I’m excited to see where our new partnership with Ngāi Tahu Holdings will take us.”
