Dai-ichi Life Group's New Zealand subsidiary, Partners Group Holdings, has agreed to acquire 100% of Fidelity Life Assurance Company for NZ$630m ($369m). This effectively expands the Japanese insurer's presence in the country's life insurance market. The transaction, which remains subject to regulatory approvals and other conditions, is expected to close by July 2027.
Dai-ichi Life expects the acquisition to generate an annual adjusted profit contribution of approximately NZ$60m once the business reaches its expected earnings level. Fidelity Life reported insurance revenue of NZ$459m and pre-tax profit of NZ$24m for the year ended March 2025, while its net assets stood at NZ$221m. The insurer serves customers through independent financial advisers and has a significant presence in group insurance.