Key facts
- Dai-ichi Life Group will acquire New Zealand insurer Fidelity Life Assurance.
- The acquisition is valued at NZ$630 million (approximately $370 million).
- The deal is being executed through Dai-ichi Life's subsidiary, Partners Group Holdings Limited.
- Closing is expected between March and July 2027, pending regulatory approvals.
- The acquisition is part of Dai-ichi Life's strategy to increase overseas profit contribution.
Dai-ichi Life Group announced on September 3 that its New Zealand subsidiary, Partners Group Holdings Limited, has agreed to acquire Fidelity Life Assurance Company Limited for NZ$630 million (approximately $370 million). The deal, expected to close between March and July 2027 pending regulatory approvals, aims to expand Partners Life's market presence and contribute to Dai-ichi Life's goal of increasing overseas profit.
Fidelity Life, established in 1973 and based in Auckland, primarily sells protection products through independent financial advisers (IFAs) and also has strengths in group insurance channels. Partners Life, founded in 2010 and also based in Auckland, offers protection products and supports IFAs via its digital platform. Dai-ichi Life acquired full ownership of Partners Life in November 2022.
This acquisition is a key part of Dai-ichi Life's strategy to diversify geographically and boost the proportion of profit generated from overseas life insurance operations, targeting approximately 50% by fiscal 2030. The transaction is anticipated to contribute around NZ$60 million annually to adjusted profit. Fidelity Life reported revenue of NZ$221 million for the year ended June 2025, while Partners Group Holdings reported revenue of NZ$806 million for the year ended March 2026.