Fidelity Life acquires life company

[ Thursday, 1 March 2007 ]

Fidelity Life is pleased to announce the purchase of Farmers' Mutual Group's life subsidiary, Farmers' Mutual Life Limited (FMLL).

Media release

1 March 2007

Fidelity Life acquires life company from Farmers’ Mutual Group

NZ insurer Fidelity Life Assurance Company Limited and Farmers’ Mutual Group (FMG) are pleased to announce the purchase by Fidelity Life of FMG’s life subsidiary, Farmers’ Mutual Life Limited (FMLL). As a part of the sale FMG will become a shareholder in Fidelity Life.

FMG clients will have access to a range of Fidelity Life’s insurance products under FMG and Fidelity Life joint branding. These include Life, Trauma, Disablement Lump Sum and Income Protection. A new Rural Income Protection product will also be offered.

“In focusing on the continued growth of our core general insurance business, we decided that the life insurance aspect of our business would be better served by a specialist provider. We conducted an extensive search for the right partner to provide the best possible service and products to our life insurance clients,” says FMG Chief Executive, Gordon Smith.

“We considered many factors when evaluating Fidelity Life as a potential partner, in particular their cultural fit with FMG, the quality of their product, and the ability for FMG to maintain its relationship with clients. Fidelity Life fitted the bill in all these areas.”

Fidelity Life’s Chief Executive, Milton Jennings added “we’re a New Zealand-run company so we design the products right here for New Zealanders. This will be great for FMG clients.”

The jointly-branded products will be distributed by FMG’s Life Risk Advisors to FMG clients.

Ends.

For more information contact:

Peter LeeJacqui van Roij
National Marketing ManagerCommunications Manager
Fidelity LifeFarmers’ Mutual Group
027 576 0780027 664 7127
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