Partners Group Holdings Limited (PNZ) has entered into an agreement to acquire Fidelity Life Assurance Company Limited, bringing together two major adviser-distributed life insurers in New Zealand. The deal was announced on September 3, 2026. PNZ is the holding company of Partners Life Limited and a wholly owned subsidiary of Daiichi Life Group, Inc. The transaction remains subject to regulatory approvals and other completion requirements. The parties have not disclosed the financial terms of the transaction. If completed, the combined entity would have more than 640,000 lives insured, based on figures provided by the two companies. The transaction comes as New Zealand’s life insurance market faces coverage and affordability pressures, with annual premiums reaching $3.31 billion as of March 31, 2026, according to Financial Services Council (FSC) data.
Partners Life, established in 2011, insures more than 340,000 lives with over $692 million in annual premiums in-force as of March 31, 2026. The company employs more than 400 people across New Zealand and holds an A (Excellent) financial strength rating from AM Best, an approved Reserve Bank of New Zealand (RBNZ) rating agency. It has built its market position entirely through the adviser channel and, in September 2022, completed the acquisition of the BNZ Life insurance business from BNZ’s Australian parent company, NAB. That same year, Daiichi Life Group acquired Partners Life.
Fidelity Life, founded in 1973, is the largest locally owned life insurer in New Zealand, backed by local shareholders including the NZ Super Fund and Ngāi Tahu Holdings. It protects over 300,000 New Zealanders and distributes its products through a nationwide network of 2,600 independent financial advisers and strategic alliance partners. Since its founding, the company has paid over $2 billion in claims.
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Partners Life CEO Michael Weston (pictured) described the proposed transaction as an opportunity to build on the capabilities of both organisations. “If approved, the opportunity is to build a strong and sustainable future that carries forward the relationships, experience, and customer commitment people value today, while creating greater capacity to invest, adapt, and support customers, advisers, and partners over time,” Weston said. He added that the deal reflects Daiichi Life Group’s longer-term commitment to the New Zealand market. “It would also advance our purpose of building a brighter and more secure future for New Zealanders and reflect Daiichi Life Group’s confidence in, and commitment to, the New Zealand market and community,” he said.
Fidelity Life CEO Campbell Mitchell (pictured immediately above) acknowledged the process ahead while pointing to the company’s established foundations. “Fidelity Life is a strong business built over more than 50 years on trusted relationships, deep local experience, and a commitment to doing the right thing for New Zealanders. The value we have created is grounded in our people, our customers, and advisers and the relationships we have built across the industry. There is still a process to work through, but throughout it our focus remains firmly on supporting our customers, advisers, strategic partners, and people,” Mitchell said. Both companies confirmed that existing adviser relationships and contact channels remain in place throughout the regulatory process, and that customers and advisers do not need to take any action.
For insurance brokers and FAP-licensed advisers, the transaction raises questions about panel diversity. The RBNZ has identified AIA, Partners Life, Fidelity Life, Chubb Life, and Asteron Life as the five largest New Zealand-incorporated life insurers, with the group accounting for 75% of premiums in its 2022 life insurance stress test. If completed, bringing two of those insurers under common ownership would represent a significant change to the competitive structure of the life insurance market. The companies have not yet outlined how their adviser distribution arrangements or product offerings would change following completion.
The Financial Markets Authority’s (FMA) Financial Conduct Report 2025/26, published 25 June 2025, is directly relevant to any insurer navigating consolidation. The report states the FMA will focus on ensuring insurance companies proactively review existing products and services, specifically acknowledging that product suites are “often extensive due to numerous mergers and acquisitions throughout the sector.” The regulator also commits to a thematic review of FAP business models and remuneration structures to assess the risks of consumers being unable to access the right service or receiving unsuitable products – a framework that gives the adviser community a direct stake in how any post-merger integration is managed.
The proposed transaction is the second major life insurer ownership change in New Zealand in 19 months. In February 2025, Resolution Life Australasia completed its $410 million acquisition of Asteron Life New Zealand from Suncorp Group Limited, creating one of New Zealand’s largest life insurance businesses. According to Chambers and Partners’ Insurance & Reinsurance 2026 guide, provided there are no licensing issues and a merger will not substantially lessen competition in the market, there is no impediment to mergers and acquisitions relating to insurance companies in New Zealand.
The acquisition fits within a documented international expansion programme by Daiichi Life Group. In FY2024, the group’s subsidiary TAL increased its market share to 34%, further strengthening its position as the leading provider in Australia’s life insurance protection market, and completed the acquisition of 19.9% of the issued shares of Challenger, a leading player in Australia’s individual annuity market. At its 2026 Investor Day, Daiichi Life Group outlined strategic investments of approximately JPY 1.5 trillion planned for FY2026-FY2030, with 70% allocated to developed markets.
The transaction is subject to regulatory approvals, with no timeframe disclosed by either party. Under New Zealand’s Insurance (Prudential Supervision) Act 2010 (IPSA), the RBNZ is responsible for the prudential regulation and supervision of licensed insurers. The proposed acquisition will therefore require the necessary regulatory approvals before it can be completed. Partners Life and Fidelity Life will continue to operate independently during the approval process.
In August 2025, Cabinet agreed to recommendations to progress amendments to the Insurance (Prudential Supervision) Act 2010, with substantive provisions targeted for commencement in 2028. The proposed acquisition therefore comes as New Zealand’s prudential framework for insurers is undergoing reform, although the transaction remains subject to the regulatory requirements currently in force. Partners Life and Fidelity Life will continue to operate independently during the regulatory approval process.
