Partners Life Acquisition, Valuation, Funding & Investors

Partners Life was acquired by Daiichi Life Group for $588M in August 2022, a 2.6x multiple on $222M of revenue.

Partners Life acquisition price

$588M

Acquired by Daiichi Life Group · Aug 2022

Partners Life revenue at acquisition

$222M

Last twelve months · Aug 2022

Partners Life revenue multiple at acquisition

2.6x

EV/Revenue · Aug 2022

Cumulative funding Partners Life raised

$180M

across 3 funding rounds

Partners Life Overview

About Partners Life

Partners Life is a New Zealand life insurance provider offering protection products including term life, income protection, trauma, and business insurance. Launched in 2012 and based in Auckland, it has grown to manage over NZ$2 billion in premiums annually, serving families and SMEs through advisers with digital underwriting portals.


Founded

2010

HQ

New ZealandAuckland

Status

Acquired

Customer focus

B2C & B2B

Revenue model

Product sales

Revenue

$222M (Aug 2022)

Valuation

$296M (May 2016)

Partners Life Acquisition

Partners Life was acquired by Daiichi Life Group for $588M on 12 August 2022.

The acquisition price implies a 2.6x revenue multiple on $222M of revenue.

Before the acquisition Partners Life had raised $180M across 3 funding rounds.

Partners Life, a leading New Zealand life and health insurance provider established in 2010, was acquired by Dai-ichi Life Holdings for NZD 980 million in a 100% share purchase through an intermediary hold company. The deal, announced in August 2022 and completed by late November 2022 after regulatory approvals, values the company at around NZD 1 billion with metrics including P/EV 1.1x (Mar 2022 EV including BNZ Life), PER 15x (FY2026 adjusted profit outlook), and PBR 1.5x (Mar 2022 net assets). Partners Life reported NZD 370 million in premium income, NZD 673 million net assets, and NZD 2.5 million net profit. Dai-ichi Life aims to maintain Partners Life as a standalone New Zealand business with its existing management team led by Naomi Ballantyne, leveraging the firm's rapid growth to second-largest market player and profitability within five years. The acquisition supports Dai-ichi's mid-term goals of reducing cost of capital by increasing insurance risk share, expanding protection business, and entering New Zealand as its third developed market after Australia (TAL) and the US (Protective Life). It diversifies overseas profits in a market with low insurance penetration under 1%, high profitability in protection products, stable growth from immigration and high GDP per capita. The transaction provides Partners Life access to Dai-ichi's capital, global expertise, and technology for innovation and expanded insurance access. CFO Stewart Taylor highlighted the evolution from startup to integrated player over 12 years. Expected contributions include NZD 67 million to group adjusted profit by FY2026, with IRR around 10% exceeding cost of capital.

Partners Life acquisition details
AcquirerDateTypePriceEV/Revenue
12 Aug 2022PE buyout$588M2.6x

Partners Life Valuation

Partners Life is currently valued at $296M, based on its undisclosed-stage round in May 2016. Read the announcement ↗

The $135M round was led by Blackstone, with participation from Waterman Capital, Rangatira and Maui Capital.

Partners Life valuation by funding round

Partners Life valuation by funding round
DateStageValuation
May 2016Undisclosed stage$296M

Partners Life Funding History

Partners Life has raised a total of $180M across 3 funding rounds.

Partners Life's first fundraising round was a $18M undisclosed-stage round in August 2013. The most recent completed round was a $135M undisclosed-stage round in May 2016.

Partners Life funding rounds

Partners Life funding rounds
DateStageInvestorsRaisedValuationDeal Summary
May 2016Undisclosed stageBlackstone (lead); Waterman Capital; Rangatira; Maui Capital$135M$296MPartners Life is a New Zealand life insurer founded prior to 2015. In May 2016, it received a $200 million (NZ$200 million) equity investment from Blackstone Group as the lead investor, with the commitment confirmed by the company itself. The investment valued the company at over $400 million, representing a minority stake for Blackstone. The Blackstone investment was part of a broader recapitalization or growth strategy for Partners Life, enabling expansion in the New Zealand insurance market. Later references in 2023 noted Blackstone's original $200 million investment in 2016 during discussions of a potential sale.
Jul 2014Undisclosed stageWaterman Capital$27M-Partners Life completed an oversubscribed capital raising of NZ$31.6 million, well above its NZ$20 million target minimum, with all existing investors including Waterman Capital taking part. The proceeds strengthened the life insurer's capital position to support continued growth in new business. The raise coincided with Partners Life passing NZ$100 million of in-force annual premiums about three years after opening for business.
Aug 2013Undisclosed stageWaterman Capital; Rangatira; Maui Capital$18M-Partners Life is a New Zealand-based life and health insurance company founded as a startup in 2011, initially supported by reinsurer SCOR. It provides life insurance products and aimed to expand into a comprehensive range of financial services. In 2012, it received awards for Best Emerging Business and Excellence in Strategy and Planning at the Westpac Auckland North Business Awards. Later, in 2020, Partners Life announced the acquisition of BNZ Life subject to RBNZ approval, and in 2022, Dai-ichi Life Holdings acquired 100% of its parent company Partners Group Holdings Limited. Rebranding occurred in 2021 to mark a decade in business, and it earned Rainbow Tick certification in 2018 for LGBTI inclusivity.

Who has invested in Partners Life?

4 investors have backed Partners Life across its funding rounds, including Waterman Capital, Rangatira, Maui Capital and Blackstone.

Lead investors include Blackstone.


Partners Life Investors

Investors in Partners Life by funding rounds participated
InvestorHQRoundsRoleFirst check
Waterman CapitalNew ZealandAuckland3ParticipantAug 2013
RangatiraNew ZealandWellington2ParticipantAug 2013

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Acquisitions by Partners Life

Partners Life has acquired 2 companies to date.

Last acquisition by Partners Life was on September 3rd 2026. Partners Life acquired Fidelity Life Assurance NZ for $371M.


Latest Acquisitions by Partners Life

Fidelity Life Assurance NZ
BNZ Life
Description
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.
BNZ Life is a New Zealand life insurer that was a subsidiary of Bank of New Zealand and, through it, of National Australia Bank until September 2022. It sold life insurance to customers of the bank and through independent financial advisers, with about two thirds of its policyholders served by advisers. At the time of its sale it held roughly 4% of the New Zealand life insurance market, reported annual sales of NZ$125 million, employed 116 people and insured more than 100,000 policyholders. The business earned premiums on policies in force and investment income on its reserves. Partners Life acquired it for NZ$290 million, moved its customers onto the Partners Life book and became the exclusive referral partner for BNZ customers seeking life insurance.
HQ CountryNew ZealandNew Zealand
HQ City
Auckland
Auckland
Deal Date3 Sep 202616 Dec 2020
Valuation$371M$209M
EV/Revenue
EV/EBITDA

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Partners Life Competitors

Partners Life competitors include listed companies like weSure, Sabre Insurance Group and Bank of The RyukyusLtd, and private ones like Arcadian Risk Capital, Future Generali and Vouch.

Public and private companies comparable to Partners Life
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Arcadian Risk CapitalBermudaBermudaPrivate-$18M$579M-
Future GeneraliIndiaMumbaiPrivate$518M-$576M1.1x
weSureIsraelIsraelPublicly listed$1.4B$170M$601M-
Sabre Insurance GroupUnited KingdomUnited KingdomPublicly listed$270M$69M$564M1.9x
VouchUnited StatesSan Francisco, CAPrivate$66M-$550M-
Bank of The RyukyusLtdJapanJapanPublicly listed$426M-$632M1.2x

Partners Life Public Comps

Partners Life is no longer listed, but its public comps include weSure, Sabre Insurance Group, Bank of The RyukyusLtd, Crawford, SanlamAllianz Maroc, Tiptree, American Integrity, Root Inc., MEDGULF and Investors Title.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
weSure$1.4B$170M0.4x-3.5x-
Sabre Insurance Group$270M$69M2.1x1.9x8.2x-
Bank of The RyukyusLtd$426M-1.5x1.2x--
Crawford$1.3B$89M0.4x0.4x6.1x4.4x
SanlamAllianz Maroc$811M$161M0.7x0.6x3.4x-
Tiptree$488K($43M)1308.5x-(14.8x)-
American Integrity$276M$117M1.9x0.5x4.5x-
Root Inc.$1.5B$74M0.4x0.4x9.0x4.4x

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Common questions about Partners Life

When was Partners Life founded?Partners Life was founded in 2010.
Where is Partners Life headquartered?Partners Life is headquartered in Auckland, New Zealand.
Is Partners Life publicly listed?No, Partners Life was acquired by Daiichi Life Group in August 2022.
Who acquired Partners Life?Partners Life was acquired by Daiichi Life Group in August 2022.
How much was Partners Life acquired for?Partners Life was acquired for $588M in August 2022, a 2.6x revenue multiple.
What is Partners Life's valuation?Partners Life was last valued at $296M in its undisclosed-stage round in May 2016.
How much funding has Partners Life raised?Partners Life has raised $180M across 3 funding rounds.
What was Partners Life's last funding round?Partners Life's last funding round was a $135M undisclosed-stage round in May 2016, led by Blackstone.
Who are Partners Life's investors?Partners Life's investors include Waterman Capital, Rangatira, Maui Capital and Blackstone.
Which companies are comparable to Partners Life?Companies comparable to Partners Life include Arcadian Risk Capital, Future Generali, weSure, Sabre Insurance Group, Vouch and Bank of The RyukyusLtd.
How many companies has Partners Life acquired?Partners Life has acquired 2 companies, including Fidelity Life Assurance NZ and BNZ Life.
What was the largest acquisition by Partners Life?The $371M acquisition of Fidelity Life Assurance NZ in September 2026 is the largest acquisition Partners Life has made to date.

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