The National Australia Bank (NAB), the parent company of BNZ, is selling another life insurance business four years after selling its Australian insurer MLC Life to Nippon Life Insurance Company.
Last year, BNZ denied reports regarding the sale of NAB’s sub-scale New Zealand life insurance business, BNZ Life, to Partners Life.
But now, the Australian Financial Review reports that NAB is looking for a buyer for BNZ Life across the Tasman to tidy up its portfolio. The life insurance business is an estimated 4% of New Zealand’s life insurance pool in 2019.
NAB is already in late-stage talks with at least one potential buyer – with AIA, Resolution Life (formerly AMP Life), and Partners Life most likely to get the deal, the report suggested.