Fidelity Life Assurance NZ Valuation, Funding & Investors
Fidelity Life Assurance NZ is valued at $394M as of July 2021.
Last Fidelity Life Assurance NZ valuation
$394M
Undisclosed stage · Jul 2021
Last Fidelity Life Assurance NZ funding round
$98M
Undisclosed stage · Jul 2021
Cumulative funding Fidelity Life Assurance NZ raised
$153M
across 2 funding rounds
Key investors in Fidelity Life Assurance NZ
NZ Super Fund
Ngāi Tahu Holdings
About Fidelity Life Assurance NZ
Fidelity Life Assurance NZ is a New Zealand life insurer headquartered in Auckland. Gordon and Shirley Watson founded it in 1973, and it describes itself as the largest New Zealand owned life insurer, protecting around 300,000 people and paying more than NZ$1.8 billion in claims since its founding. It sells life, income protection, trauma and total and permanent disability insurance mainly through about 1,800 independent financial advisers, offers group insurance schemes to employers and is the exclusive life insurance provider to Westpac New Zealand customers. It has about 500 staff. Its acquisitions include most of Tower's non-participating life policies in 2013 and Westpac Life-NZ in 2022, and its shareholders include the NZ Super Fund, which took a cornerstone stake in 2018, and Ngai Tahu Holdings, which became a shareholder in 2022. Revenue comes from insurance premiums and investment income. In September 2026 Partners Group Holdings, a subsidiary of Dai-ichi Life, agreed to acquire the company for NZ$630 million, with completion expected between March and July 2027.
Founded
1973
HQ
AucklandWebsite
Status
Privately held
Customer focus
B2C & B2B
Revenue model
Insurance Carriers
Valuation
$394M (Jul 2021)
Sectors
Fidelity Life Assurance NZ Valuation
Fidelity Life Assurance NZ is currently valued at $394M, based on its undisclosed-stage round in July 2021. Read the announcement ↗
The $98M round included Ngāi Tahu Holdings.
Fidelity Life Assurance NZ's valuation has grown 2.2x from $179M at its strategic investment round in January 2018 to $394M in July 2021, across 2 priced rounds.
Fidelity Life Assurance NZ valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2021 | Undisclosed stage | $394M |
| Jan 2018 | Strategic investment | $179M |
Fidelity Life Assurance NZ Funding History
Fidelity Life Assurance NZ has raised a total of $153M across 2 funding rounds.
Fidelity Life Assurance NZ's first fundraising round was a $55M strategic investment round in January 2018. The most recent completed round was a $98M undisclosed-stage round in July 2021.
Fidelity Life Assurance NZ funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2021 | Undisclosed stage | Ngāi Tahu Holdings | $98M | $394M | Ngāi Tahu Holdings agreed to invest NZ$140 million for a 24.9 per cent shareholding in Fidelity Life, joining the NZ Super Fund on the register of New Zealand's largest locally owned life insurer. The capital part-funded Fidelity Life's roughly NZ$400 million acquisition of Westpac's New Zealand life insurance business as well as a new customer technology platform. The investment was conditional on regulatory and shareholder approvals and completed in early 2022, with Ngāi Tahu appointing a director to the Fidelity Life board. |
| Jan 2018 | Strategic investment | NZ Super Fund | $55M | $179M | The NZ Super Fund finalised a NZ$100 million cornerstone investment in Fidelity Life in early 2018 after shareholders approved the transaction proposed on 31 October 2017. The package gave the Fund a 41.1% interest and comprised NZ$75 million of newly issued shares at NZ$115 per share plus at least NZ$25 million of existing shares purchased from minority holders and the Fidelity Family Trust. Fidelity Life said the primary capital would support faster growth, digital capability, product innovation and improved service for advisers and customers. The insurer was founded in 1973, employed about 300 people and distributed life and protection products through roughly 2,700 independent financial advisers and alliance partners. The independent adviser valued the company between NZ$198 million and NZ$220 million, but the official release presented a range rather than one transaction valuation, so no structured valuation is recorded. |
Who has invested in Fidelity Life Assurance NZ?
2 investors have backed Fidelity Life Assurance NZ across its funding rounds, including NZ Super Fund and Ngāi Tahu Holdings.
Fidelity Life Assurance NZ Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Start Free TrialAcquisitions by Fidelity Life Assurance NZ
Fidelity Life Assurance NZ has acquired 1 company to date.
Last acquisition by Fidelity Life Assurance NZ was on July 6th 2021. Fidelity Life Assurance NZ acquired Westpac Life-NZ for $280M.
Latest Acquisitions by Fidelity Life Assurance NZ
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Westpac Life-NZ | |
| Description | Westpac Life-NZ-Limited was the New Zealand life insurance subsidiary of Westpac New Zealand, selling life, income protection and related cover mainly to the bank's retail customers. It had roughly 150,000 customers, about 50 staff and annual in-force premiums of about NZ$149 million at 31 March 2021. Westpac New Zealand sold it to the locally owned insurer Fidelity Life for NZ$400 million in a deal announced on 6 July 2021 and completed on 28 February 2022. The buyer was funded by its largest shareholder, the NZ Super Fund, and by new investor Ngai Tahu Holdings, and the two firms signed a 15-year distribution agreement under which Westpac continues to offer the products to its customers. After completion the company was renamed Fidelity Insurance Limited. The sale lifted Fidelity Life's share of in-force premiums from 11.6 per cent to about 17 per cent. |
| HQ Country | |
| HQ City | Auckland |
| Deal Date | 6 Jul 2021 |
| Valuation | $280M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Fidelity Life Assurance NZ acquisitions and their M&A valuation multiples. Start Free Trial | |
Fidelity Life Assurance NZ Competitors
Fidelity Life Assurance NZ competitors include listed companies like Gulf Insurance Group, AMERISAFE, Waterdrop and Hapvida, and private ones like Steadily and Cowbell.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Saudi Arabia | Publicly listed | $362M | $46M | $374M | - | |
 United States | Publicly listed | $317M | $60M | $363M | 1.1x | |
 China | Publicly listed | $597M | $63M | $363M | 0.5x | |
 Brazil | Publicly listed | $5.8B | $738M | $385M | 0.1x | |
| Portland, OR | Private | - | - | $355M | - | |
| San Francisco, CA | Private | - | - | $355M | - |
Fidelity Life Assurance NZ Public Comps
Fidelity Life Assurance NZ is still privately-owned, but its public comps include Gulf Insurance Group, AMERISAFE, Waterdrop, Hapvida, Ray Sigorta, Activo Inmobiliario Peruano, Libra Insurance, Tower Ltd, Sjova-Almennar tryggingar and Quick Sigorta.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $362M | $46M | 1.0x | - | 8.2x | - | |||
| $317M | $60M | 1.1x | 1.1x | 6.1x | - | |||
| $597M | $63M | 0.6x | 0.5x | 5.7x | 5.9x | |||
| $5.8B | $738M | 0.1x | 0.1x | 0.5x | 0.8x | |||
| $634M | $108M | 0.6x | - | 3.3x | - | |||
| Activo Inmobiliario Peruano | $98M | $44M | 3.6x | - | 8.1x | - | ||
| $206M | $43M | 1.9x | - | 9.3x | - | |||
| $335M | $72M | 1.2x | 1.2x | 5.6x | 7.3x | |||
This data is available for Pro users. Sign up to see all Fidelity Life Assurance NZ competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Fidelity Life Assurance NZ
| When was Fidelity Life Assurance NZ founded? | Fidelity Life Assurance NZ was founded in 1973. |
| Where is Fidelity Life Assurance NZ headquartered? | Fidelity Life Assurance NZ is headquartered in Auckland, New Zealand. |
| Is Fidelity Life Assurance NZ publicly listed? | No, Fidelity Life Assurance NZ is a private, VC-backed company. |
| What is Fidelity Life Assurance NZ's valuation? | Fidelity Life Assurance NZ was last valued at $394M in its undisclosed-stage round in July 2021. |
| How much funding has Fidelity Life Assurance NZ raised? | Fidelity Life Assurance NZ has raised $153M across 2 funding rounds. |
| What was Fidelity Life Assurance NZ's last funding round? | Fidelity Life Assurance NZ's last funding round was a $98M undisclosed-stage round in July 2021. |
| Who are Fidelity Life Assurance NZ's investors? | Fidelity Life Assurance NZ's investors include Ngāi Tahu Holdings and NZ Super Fund. |
| Which companies are comparable to Fidelity Life Assurance NZ? | Companies comparable to Fidelity Life Assurance NZ include Gulf Insurance Group, AMERISAFE, Waterdrop, Hapvida, Steadily and Cowbell. |
| How many companies has Fidelity Life Assurance NZ acquired? | Fidelity Life Assurance NZ has acquired 1 company, including Westpac Life-NZ. |
| What was the largest acquisition by Fidelity Life Assurance NZ? | The $280M acquisition of Westpac Life-NZ in July 2021 is the largest acquisition Fidelity Life Assurance NZ has made to date. |
See companies similar to Fidelity Life Assurance NZ
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="28" height="28" viewBox="0 0 28 28"><rect fill="%23e5e7eb" width="28" height="28" rx="6"/></svg>){kind=small}
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