Kiwi Group has completed the sale of insurance business to insurer, nib New Zealand.
The deal to sell Kiwi Insurance for $45 million was announced last year, but took until now to get all the necessary regulatory approvals in place.
Part of the deal involves an exclusive partnership with Kiwi Insurance, where the bank will refer its retail customers to nib for their life and living insurance needs.
Kiwibank chief executive Steve Jurkovich says Kiwi Insurance customers did not need to do anything as a result of the sale.
“I’m excited about this new partnership with nib which will allow Kiwibank to continue to deliver on its purpose of making Kiwi better off, whether that’s getting into a home or having the right insurance in place to protect what matters most,” Jurkovich said .
Nib New Zealand chief executive Rob Hennin said they were committed to providing a seamless transition for customers, including honoring all current policy benefits.
“We look forward to welcoming current customers into the nib family and offering all Kiwi access to a suite of life and living insurance covers in line with our purpose of your better health,” Hennin said.