Fidelity Life, New Zealand’s largest locally owned life insurer, has returned to operating as a single insurer with the integration of Fidelity Insurance (formerly Westpac Life) – into Fidelity Life Assurance Company.
This official transfer follows Fidelity Life’s completion of the $400 million acquisition of Westpac Life in February 2022. Since then, it had rebranded to Fidelity Insurance, and had continued operating as a separate entity with its own board, RBNZ license, statutory fund, and financial strength rating before the official integration.
Following the transfer, all of Fidelity Insurance’s assets and liabilities, including its obligations to policyholders, are now under Fidelity Life. Although Fidelity Insurance customers are now insured by Fidelity Life, their policy terms and conditions remain unchanged.
Another consequence of the transfer is the withdrawal of AM Best’s financial strength rating for Fidelity Insurance, as the latter is no longer operating as an insurer. That said, the agency’s existing A- financial strength rating for Fidelity Life continues.
Elsewhere in the company, Fidelity Life also unveiled its speaker lineup for its sold-out adviser conference, Engage 2023, to be held in September in Christchurch and Auckland.
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