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.
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,
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.
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.