Worth reading
64In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
630
NZ$ million (acquisition consideration)Wording
Avoiding a definitive answer
How definitive the wording is.This transaction
Name of transactionCounterpartyGuardians of New Zealand Superannuation, Ngāi Tahu Investments Limited, Fidelity Family Account, Other shareholders
Disclosing companyDaiichi Life Group,Inc.
The voting-rights ratio is the share of the votes exercisable at a shareholders’ meeting that will be held after this transaction.
Execution Date / Effective DateMarch–July 2027 (closing scheduled, subject to the satisfaction of specified conditions and approval by the relevant authorities)
Target company
Life insurance and related businesses
Location Auckland, New ZealandShare capital NZ$376 million (as of the end of June 2026)Date of incorporation 9 January 1973
Net SalesNZ$459 million (fiscal year ended June 2025, insurance revenue)
Net income for the current fiscal yearNZ$14 million (fiscal year ended June 2025)
Net assetsNZ$221 million (fiscal year ended June 2025)
Consideration and expenses
Acquisition priceNZ$630 million (approximately ¥59.6 billion; acquisition consideration, subject to possible price adjustments under the terms of the agreement)
Type of ConsiderationCash (acquisition consideration)
Funding arrangementsCapital increase (a capital increase by the Company's intermediate holding company in Partners Life)
Impact on Business Performance
The impact on consolidated results for the current fiscal year and subsequent fiscal years is currently under review. The contribution to adjusted profit is expected to reach approximately NZ$60 million per year (approximately ¥5.7 billion) at the earliest during the period covered by the next medium-term management plan.
Procedures and assumptions
Conditions Precedent to ExecutionSatisfaction of specified conditions and approval, authorization and other requirements from the relevant authorities
Management structure after acquisitionFidelity Life is expected to become a consolidated subsidiary of the Company (a sub-subsidiary). The change of corporate name, representative and treatment of employees are Not disclosed
| Item | Details |
|---|---|
| Transaction name | Name of transaction |
| Counterparty name | Guardians of New Zealand Superannuation, Ngāi Tahu Investments Limited, Fidelity Family Account, Other shareholders |
| Name of the Subject Company | Fidelity Life Assurance Company Limited |
| Business Description of the Subject Company | Life insurance and related businesses |
| Location of the Subject Company | Auckland, New Zealand |
| Capital Stock of the Subject Company | NZ$376 million (as of the end of June 2026) |
| Date of Establishment of the Subject Company | 9 January 1973 |
| Net Sales of the Subject Company | NZ$459 million (fiscal year ended June 2025, insurance revenue) |
| Net Income of the Subject Company | NZ$14 million (fiscal year ended June 2025) |
| Net Assets of the Subject Company | NZ$221 million (fiscal year ended June 2025) |
| Acquisition price | NZ$630 million (approximately ¥59.6 billion; acquisition consideration, subject to possible price adjustments under the terms of the agreement) |
| Type of Consideration | Cash (acquisition consideration) |
| Number of shares acquired | 4,492,670 shares, representing 4,492,670 voting rights |
| Voting rights ownership percentage | Before 0% → after 100% (100% indirectly owned) |
| Funding arrangements | Capital increase (a capital increase by the Company's intermediate holding company in Partners Life) |
| Impact on Business Performance | The impact on consolidated results for the current fiscal year and subsequent fiscal years is currently under review. The contribution to adjusted profit is expected to reach approximately NZ$60 million per year (approximately ¥5.7 billion) at the earliest during the period covered by the next medium-term management plan. |
| Execution Date / Effective Date | March–July 2027 (closing scheduled, subject to the satisfaction of specified conditions and approval by the relevant authorities) |
| Conditions Precedent to Execution | Satisfaction of specified conditions and approval, authorization and other requirements from the relevant authorities |
| Management structure after acquisition | Fidelity Life is expected to become a consolidated subsidiary of the Company (a sub-subsidiary). The change of corporate name, representative and treatment of employees are Not disclosed |
Items this document does not state (13)
Operating Profit of the Subject CompanyExpenses other than the acquisition priceMerger ratio/share exchange ratioTender offer priceMinimum number of shares to be purchasedTender offer periodGoodwill amountAmount of extraordinary income (loss)Date of board resolutionContract DateValuation methodologyIndependent valuation institutionSpecial Committee
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The acquisition is intended to expand sales channels and the customer base, strengthen the competitiveness of the life insurance business in New Zealand, expand the earnings base of the overseas life insurance business, and improve capital efficiency and drive earnings growth by expanding insurance risk. It is also intended to create synergies through the sharing of expertise and collaboration with the Company's Australian subsidiary, TAL.
How to read this page
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