Ngāi Tahu Holdings takes 24.9% stake in Fidelity Life | Insurance Business New Zealand
Ngāi Tahu Holdings has taken a 24.9% stake in Fidelity Life, valued at $140 million, which helped fund the insurer’s acquisition of Westpac Life.
Ngāi Tahu Holdings is owned by the Ngāi Tahu iwi of South Island. It is a diversified holding company present in various industries, such as tourism, healthcare, media, education and agriculture.
Fidelity Life chair Brian Blake welcomed Ngāi Tahu Holdings as an investor, adding that this was another significant milestone for the wholly New Zealand-owned life insurer.
“In the NZ Super Fund and Ngāi Tahu Holdings, we now have two of New Zealand’s most successful investors on our share register, and that’s a great endorsement of Fidelity Life and our plans for the future,” Blake said.
Ngāi Tahu Holdings chief executive Mike Pohio said the investment will benefit both parties, as well as further diversifying and increasing the growth profile of Holdings’ portfolio.
“Fidelity Life is a very well-respected national business in a very strong position, so we see this as an investment to be celebrated,” Pohio said.
Fidelity Life chief executive Melissa Cantell added that Ngāi Tahu Holdings’ investment will provide a significant boost to Fidelity Life.
“2021 is another big year for Fidelity Life as we progress with our aspiration to reimagine life insurance for New Zealander,” she said. “As well as welcoming Ngāi Tahu Holdings and Westpac Life, we are close to completing our new technology platform which enables us to continue our customer experience transformation.”