SINGAPORE, Dec 21 (Bernama-BUSINESS WIRE) — AM Best has placed under review with negative implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of BNZ Life Insurance Limited (BNZ Life) (New Zealand).
These Credit Rating (rating) actions follow the announcement on 16 December 2020, that National Australia Bank Limited, BNZ Life’s ultimate parent, has entered into an agreement to sell its New Zealand life insurance business, including BNZ Life, to Partners Life Limited (Partners Life). The transaction also includes the establishment of an exclusive 10-year agreement for the referral of Bank of New Zealand customers with life insurance needs to Partners Life. The total transaction consideration is NZD 290 million (USD 208 million). The transaction, which is subject to customary closing conditions, including regulatory and other approvals, is expected to be completed in the second half of 2021.
