Resolution Life to buy New Zealand life insurer for $247m

Resolution Life Australasia has agreed to buy New Zealand life insurance company, Asteron Life New Zealand for $247 million ((NZ$410 million). 

The deal makes Resolution Life the second-largest life insurer in New Zealand. 

Resolution Life Australasia is the trans-Tasman subsidiary of Bermuda-based Resolution Life, a leading global manager of in-force life and annuity policies. 

Asteron Life is a well-established and highly respected New Zealand life insurer, with a dedicated team of circa 165 people servicing more than 180,000 customers and their advisers the company said. 

Tim Tez, Chief Executive Officer Resolution Life Australasia, commented: “This acquisition further demonstrates our commitment to the Australasian market and our success in growing our business in the region.

“It follows Resolution Life’s entry into the Australian and New Zealand markets in 2020, and our recent acquisition of AIA Australia’s Superannuation and Investments business.

“Our growth is predominantly through the acquisition of in-force portfolios of life insurance policies as well as remaining open to growing new business in select strategic markets. 

"Asteron Life presents a compelling opportunity to continue to grow through new individual and group customers while continuing to support existing customers.

“Resolution Life will support the Asteron Life business with its momentum and success in the New Zealand life insurance market. As a trusted life insurer, Asteron Life will continue to operate as a standalone New Zealand licenced life insurance company, under its existing brand in New Zealand and support advisers and their customers using the same dedicated team and management.”

The acquisition is subject to New Zealand regulatory approvals and is expected to complete in nine months.

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