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Westpac sells life insurance business for $400m

Photo: RNZ / Nate McKinnon
As part of the deal, Westpac would refer any potential life insurance customers to the company for the next 15 years.
Fidelity Life s largest shareholder, the NZ Super Fund and new investor Ngāi Tahu Holdings would fund the acquisition.
Westpac acting chief executive Simon Power said Fidelity Life were leaders in the industry.
In talking to Fidelity Life we were extremely impressed with their single-minded focus on their customers, he said.
Westpac Life customers do not need to take any action. Nothing changes with their policies and we know they ll be in great hands with Fidelity Life. ....

New Zealand , Melissa Cantell , Simon Power , Nz Super Fund , Financial Markets Authority , Westpac Bank , Commonwealth Bank , Tahu Holdings , National Australian Bank , Fidelity Life , Westpac Life , Partners Life , Nippon Life , Reserve Bank , புதியது ஜீலாந்து , சிமோன் பவர் , ந்ஸ் அருமை நிதி , நிதி சந்தைகள் அதிகாரம் , வெஸ்ட்பேக் வங்கி , காமன்வெல்த் வங்கி , தாஹு ஹோல்டிங்ஸ் , தேசிய ஆஸ்திரேலிய வங்கி , நம்பகத்தன்மை வாழ்க்கை , வெஸ்ட்பேக் வாழ்க்கை , கூட்டாளர்கள் வாழ்க்கை , நிப்பான் வாழ்க்கை ,

Westpac sells life industry business for $400m

Westpac sells life industry business for $400m
© RNZ / Nate McKinnon
Westpac Bank has sold its New Zealand life insurance business to local insurer Fidelity Life for $400 million.
As part of the deal, Westpac would refer any potential life insurance customers to the company for the next 15 years.
Fidelity Life s largest shareholder, the NZ Super Fund and new investor Ngāi Tahu Holdings would fund the acquisition.
Westpac acting chief executive Simon Power said Fidelity Life were leaders in the industry.
In talking to Fidelity Life we were extremely impressed with their single-minded focus on their customers, he said.
Westpac Life customers do not need to take any action. Nothing changes with their policies and we know they ll be in great hands with Fidelity Life. ....

New Zealand , Melissa Cantell , Simon Power , Nate Mckinnon , Nz Super Fund , Financial Markets Authority , Westpac Bank , Commonwealth Bank , Tahu Holdings , National Australian Bank , Radio New Zealand , Fidelity Life , Westpac Life , Partners Life , Nippon Life , Reserve Bank , புதியது ஜீலாந்து , சிமோன் பவர் , நேட் மகிநொந் , ந்ஸ் அருமை நிதி , நிதி சந்தைகள் அதிகாரம் , வெஸ்ட்பேக் வங்கி , காமன்வெல்த் வங்கி , தாஹு ஹோல்டிங்ஸ் , தேசிய ஆஸ்திரேலிய வங்கி , வானொலி புதியது ஜீலாந்து ,

Datacom Group Reports FY21 Financial Results:

Tuesday, 6 July 2021, 11:04 am
Revenue growth to $1.41 billion and NPAT to $35 million
enables investment to grow
Datacom Group today
reported financial results for the year to 31 March 2021
(FY21). Revenue climbed to $1.41 billion, up from $1.34
billion in the prior year (FY20). Net profit after tax is
$35 million, an improvement over the previous year’s $19
million, as the company continues to position for future
growth across the Group. Full-year operating cash flow
remains solid at $156 million.
FY21 saw Datacom focus
on the future sustainability of and reinvestment in its
businesses. The company prioritised the safety and wellbeing
of its people and customers in the response to COVID-19, ....

New Zealand , Greg Davidson , Melissa Cheals , Global Amazon Web Services , Victorian Department Of Environment , Datacom Group , Citizen Community , Foundation For Public Interest Journalism , Datacom Group Reports , Public Sector , Public Sector Partner Award , Victorian Department , Transformation Agenda , Fidelity Life , Federal Government , Local Governments , New Zealand Owned , Smart Payroll , New Zealand Based , Scoop Citizen Community , In Depth Engaged Journalism , Scoop Foundation , Public Interest Journalism , புதியது ஜீலாந்து , கிரெக் டேவிட்சன் , விக்டோரியன் துறை ஆஃப் சூழல் ,

Westpac to sell New Zealand life insurance arm for $281m to Fidelity Life

Westpac to sell New Zealand life insurance arm for $281m to Fidelity Life
FILE PHOTO: Pedestrians hold umbrellas as they walk past a branch of the Westpac Banking Corp in central Sydney, Australia, March 30, 2017. REUTERS/David Gray/File Photo
July 6, 2021
Westpac Banking Corp will sell its New Zealand life insurance business to Fidelity Life for NZ$400 million ($280.84 million), the companies said on Tuesday.
The unit is the latest asset to be offloaded by Australia’s second-largest bank over the past year as it narrows its focus to its core banking operations after a series of scandals ramped up regulatory scrutiny. ....

New Zealand , Peter King , Nz Super Fund , Westpac Banking Corp , Fidelity Life , Executive Officer Peter King , Life New Zealand , புதியது ஜீலாந்து , பீட்டர் கிங் , ந்ஸ் அருமை நிதி , வெஸ்ட்பேக் வங்கி கார்ப் , நம்பகத்தன்மை வாழ்க்கை , நிர்வாகி அதிகாரி பீட்டர் கிங் ,

Business Scoop » Datacom Group Reports FY21 Financial Results:

Press Release – Datacom
Revenue growth to $1.41 billion and NPAT to $35 million enables investment to grow Datacom Group today reported financial results for the year to 31 March 2021 (FY21). Revenue climbed to $1.41 billion, up from $1.34 billion in the prior …
Revenue growth to $1.41 billion and NPAT to $35 million enables investment to grow
Datacom Group today reported financial results for the year to 31 March 2021 (FY21). Revenue climbed to $1.41 billion, up from $1.34 billion in the prior year (FY20). Net profit after tax is $35 million, an improvement over the previous year’s $19 million, as the company continues to position for future growth across the Group. Full-year operating cash flow remains solid at $156 million. ....

New Zealand , Greg Davidson , Melissa Cheals , Global Amazon Web Services , Victorian Department Of Environment , Datacom Group , Press Release , Public Sector , Public Sector Partner Award , Victorian Department , Transformation Agenda , Fidelity Life , Federal Government , Local Governments , New Zealand Owned , Smart Payroll , New Zealand Based , புதியது ஜீலாந்து , கிரெக் டேவிட்சன் , விக்டோரியன் துறை ஆஃப் சூழல் , டைட்டாக குழு , ப்ரெஸ் வெளியீடு , பொது துறை , பொது துறை கூட்டாளர் விருது , விக்டோரியன் துறை , நம்பகத்தன்மை வாழ்க்கை ,