Allianz Commercial leaders confirmed for Australia, France, Germany and the United Kingdom Each leader serves as one face to the market in each country, covering the full Commercial segment
Allianz Commercial leaders confirmed for Australia, France, Germany and the United Kingdom • Each leader serves as one face to the market in each country, covering the full Commercial segment for both mid-sized and large companies • Clients and distribution partners to benefit from more consistent interface and broader set of solutions under the new global model
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Mortgage Business 07 July 2021
Westpac has sold its New Zealand life insurance business for $373 million, after offloading its local general insurer for $725 million.
The big four bank has sold Westpac Life-NZ-Ltd to Fidelity Life Assurance Company, New Zealand’s largest locally owned life insurer.
The two companies have also signed an exclusive 15-year agreement for the distribution of life products to Westpac’s local customers.
The sale price of around $373 million is expected to result in a post-tax gain on sale and add around 7 bps to Westpac’s common equity tier 1 capital ratio.
The transaction will also include ongoing payments from the distribution agreement to Westpac New Zealand.