| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 4 April 2022 |
| Pathway(s) | Significant business assets only |
| Investment | Acquisition of 100% of National Wealth Management New Zealand Holdings Limited |
| Consideration | $290,000,000 |
| Applicant | Partners Life Limited Singapore (51.13%); New Zealand (40.43%); Bermuda (4.53%); United Kingdom (1.83%); Various regions (2.08%) |
| Vendor | National Wealth Management International Holdings Limited Various regions (100%) |
| Background | The Partners Life Group is a financial services group that specialises in providing life insurance and medical insurance. The Applicant is the operating entity through which the business of the Partners Life Group is conducted and is also a licensed insurer regulated by the RBNZ pursuant to the Insurance Prudential Supervision Act 2010 (IPSA). The Transaction comprises the acquisition of National Bank of Australia’s (NAB) life insurance business in New Zealand, structured as the acquisition by the Applicant of the Share from the Vendor. The Applicant has satisfied the investor test criterion. |
| More information | Tim Tubman Chapman Tripp (Auckland) PO Box 2206 Auckland 1140 |
See the attached assessment report linked below, which was published in response to an Official Information Act request: