Life insurer sold for $1b

New Zealand life insurer Partners Life is being sold to Tokyo-listed global insurer Dai-ichi Life in a $1 billion deal. Managing director Naomi Ballantyne started Partners Life in 2010. It has grown to insuring more than 225,000 lives with $427.9 million in premiums as at March 31. The sale is subject to conditions including regulatory approvals. Under the deal, Ballantyne and the current executive team will stay and Partners Life will remain a stand-alone New Zealand business. Dai-ichi Life has total assets of more than US$500 billion (NZ$774b). ‘‘This transaction also represents a positive outcome for our supportive shareholders, including our majority shareholder, Blackstone,’’ Ballantyne said. Stewart Taylor, chief financial officer of Partners Life, said Dai-ichi Life was a personal risk insurance specialist, and its scale, access to capital, and industry knowledge would benefit the New Zealand business.