Fidelity Life welcomes Ngāi Tahu Holdings as new investor

Media release

28 February 2022

Fidelity Life has officially welcomed Ngāi Tahu Holdings as a new large shareholder following the completion of the New Zealand-owned life insurer’s $400 million acquisition of Westpac Life.

Fidelity Life’s largest shareholder the NZ Super Fund and Ngāi Tahu Holdings funded the majority of the acquisition, with Ngāi Tahu Holdings taking a $140 million, 24.9% stake in the life insurer.

Fidelity Life Chair Brian Blake says welcoming Ngāi Tahu Holdings as a new investor is another important milestone for the company.

“We’re very proud to have two of New Zealand’s most successful investors in the NZ Super Fund and Ngāi Tahu Holdings on our share register. It’s a powerful combination and helps set us up for a successful future.”

Ngāi Tahu Holdings Chief Executive Craig Ellison says the investment is expected to be of mutual long-term benefit and is something to be celebrated.

"This investment by Ngāi Tahu Holdings aligns with our refreshed strategy and contributes to the diversification of our portfolio. Our focus is firmly on intergenerational growth of the pūtea for future generations of our whānau and this investment will help contribute to that success.”

Fidelity Life Chief Executive Melissa Cantell says Ngāi Tahu Holdings will further strengthen the company’s New Zealand-owned credentials.

“Ngāi Tahu Holdings are a fantastic addition to the Fidelity Life whānau and will help us progress our aspiration to reimagine life insurance for New Zealanders. We know New Zealanders love supporting locally owned businesses and I’m excited to see where our new partnership with Ngāi Tahu Holdings will take us.”

Ngāi Tahu Holdings will shortly appoint one new Director to Fidelity Life’s Board.