Fidelity Life Assurance NZ

What Fidelity Life Assurance NZ does

Fidelity Life Assurance Company Limited is New Zealand's largest locally owned life insurer, founded in 1973 and headquartered in Auckland at a 6 Green Star certified building on Fanshawe Street. The company underwrites a comprehensive personal, business, rural, and group life insurance portfolio covering life cover, income protection, trauma cover, total and permanent disability cover, mortgage repayment cover, survivor's income, business expenses cover, key person cover, and group employee benefits, supplemented by Cancer companion and Cancer Coach services delivered through Osara Health and Teladoc Health partnerships, a free Will It package via Footprint New Zealand, and Raise hardship counselling.

The business operates a subscription-premium revenue model with flexible billing (fortnightly, monthly, quarterly, half-yearly, or annual) charging age-rated or level-term premiums, with added policy fees for free financial advice, and underwriting all products on its own balance sheet. Distribution is primarily sales-led through a nationwide network of accredited financial advisers, reinforced by a 15-year customer referral agreement with Westpac New Zealand following the 2022 acquisition of Westpac Life-NZ for NZ$400 million with co-investment from NZ Super Fund and Ngāi Tahu Holdings. The combined in-force book protects over 375,000 New Zealanders and the company employs over 400 staff.

The company holds an A- (Excellent) AM Best Financial Strength Rating maintained since December 1996, is licensed by the Reserve Bank of New Zealand under the Insurance (Prudential Supervision) Act 2010, and holds a Financial Advice Provider licence from the FMA. It reported an Adjusted Solvency Ratio of 113% with a NZ$106.9M Adjusted Solvency Margin as at March 2026, NZ$247.7M in claims paid in FY25, and over NZ$1.4B in cumulative claims since founding. Toitū carbonreduce certified since 2021 with 511.26 tonnes CO2-equivalent emissions reported for the year ended 30 June 2025.

Name

Fidelity Life Assurance NZ

Legal name

Fidelity Life Assurance Company Limited

Website

https://www.fidelitylife.co.nz

Company type

Private

Founded year

1973

Operating status

Operating

Headcount range

251–500 employees

Short description

Fidelity Life Assurance NZ is New Zealand's largest locally owned life insurer, underwriting personal, business, rural, and group life, income protection, trauma, and disability cover for over 375,000 customers through accredited financial advisers and a Westpac referral partnership.

Ownership category

akta.pro rank

Product category

Life Insurance

NAICS

Direct Life Insurance Carriers (524113)

SIC

Life Insurance (6311), Investment Advice (6282)

akta.pro primary industry

Whole Life Insurance (FSAIABAA)

akta.pro secondary industry

Worksite Financial Wellness & Employee Assistance Programs (EAP) (FSAIAMAN)

Keywords

• Life insurance
• Income protection
• Trauma cover
• Business insurance
• Group insurance

Headquarters

HQ city

Auckland

HQ country

New Zealand

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Life Insurance Premiums: Recurring premium payments from life insurance policies. Customers can pay fortnightly, monthly, quarterly, half-yearly or yearly. Premiums may be age-rated (increasing with age) or level term (fixed for policy life).
2. Premium and Policy Fees: Fidelity Life charges premium and policy fees for their products in addition to providing free financial advice.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels5 records

Core offering

Fidelity Life underwrites and distributes life insurance, income protection, trauma cover, total and permanent disability cover, business insurance, rural insurance, and group employee benefits to individuals, businesses, and employers across New Zealand. Products are sold predominantly through accredited financial advisers, with additional direct customer support and a long-term referral arrangement with Westpac New Zealand following the acquisition of Westpac Life-NZ for NZD 400 million. Supporting services include the Cancer Companion and Cancer Coach programmes, Raise counselling support, and a free online Will It package through partnership with Footprint.

Product overview

Fidelity Life is New Zealand's largest locally owned life insurer offering a comprehensive portfolio of personal, business, rural, and group insurance products. The core offering centers on life protection products including Life Cover, Income Protection Cover, Trauma Cover, and Total and Permanent Disability Cover. These are supplemented by specialized business insurance products (Business Expenses, Key Person, and Trauma Cover for Business), rural insurance offerings (Rural Key Person Cover, Key Person Cover for Farmers), and group employee benefits (Group Life, Group Income Protection, Group Trauma Insurance). Additional support services include Cancer Companion and Cancer Coach programmes, free online Will services through Footprint partnership, and Raise counselling support. The company also offers investment products and operates a financial advice service under its FAP license.

Differentiator

Problem solved

Functional benefit

Products and services

• Life Cover Life insurance that pays a lump sum to beneficiaries upon the policyholder's death or terminal illness diagnosis, providing financial protection for loved ones for New Zealand individuals aged 16-75.
• Income Protection Cover Insurance covering up to 75% of monthly income (up to NZD 30,000) if the policyholder cannot work due to illness or injury, with rehabilitation support options for New Zealand individuals aged 16-59.
• Monthly Mortgage Repayment Cover Protection cover designed to help cover home loan payments, rent, or other expenses if the policyholder is unable to work due to sickness or injury.
• Total and Permanent Disability Cover Insurance that pays a lump sum if the policyholder becomes totally and permanently disabled due to sickness or injury and is unable to work.
• Survivor's Income Cover Provides ongoing income support to surviving family members after the death of the policyholder.
• Trauma Cover Pays a lump sum upon diagnosis of specified serious medical conditions such as stroke, heart attack, or specific types of cancer.
• Trauma Multi Cover Extended trauma coverage allowing multiple claims for different traumatic events throughout the policy term.
• Specific Injury Cover Covers specific injuries defined in the policy wording, providing targeted financial protection for personal policyholders.
• Business Expenses Cover Business insurance covering fixed business expenses when a key person cannot work due to illness or injury.
• Key Person Cover Business insurance that provides financial protection when a key employee cannot work due to illness, injury, or death.
• Life Cover for Business Business-specific life insurance to protect businesses from financial loss due to the death of key personnel.
• Total and Permanent Disability Cover for Business Business-focused disability coverage protecting against the permanent inability of key personnel to work.
• Trauma Cover for Business Business-oriented trauma insurance providing lump sum payments for serious health conditions affecting key employees.
• Rural Key Person Cover Specialised key person insurance designed for agricultural businesses and farming operations in rural New Zealand.
• Key Person Cover for Farmers Tailored insurance for farming operations covering essential personnel against illness, injury, or death.
• Group Insurance for Employees Employee benefit programs providing group life and related insurance coverage for New Zealand employers' workforces.
• Group Life Insurance Employer-sponsored life insurance coverage provided as an employee benefit for New Zealand workforces.
• Group Income Protection Insurance Group income protection coverage for employees unable to work due to illness or injury.
• Group Life and Total and Permanent Disability Insurance Combined group coverage for life and permanent disability events for employees.
• Group Trauma Insurance Group-level trauma coverage for employees diagnosed with specified serious medical conditions.
• Will It Package Free online will creation and secure digital vault storage service offered to new Life Cover customers and group insurance members through the partnership with Footprint.
• Investments Investment products offered alongside insurance coverage to personal customers.

Quantifiable outcome

• $247.7 million in claims paid in FY25
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered supporting and core.

• Footprint New ZealandsupportingGTM or Marketing Partner · 1 March 2026Partnership to offer free online Will It package to new Life Cover customers and group insurance members. Footprint provides digital Will creation and secure storage services. Available from March 2026 to March 2027.
• Westpac New ZealandcoreChannel Partner/ Reseller/ Distributor · 28 February 2022Westpac sold its NZ life insurance business to Fidelity Life for $400 million with 15-year customer referral agreement. Westpac arranges life insurance products underwritten by Fidelity Life. Business transfer completed June 2023 combining Fidelity Insurance with Fidelity Life.
• Kaplan ProfessionalsupportingStrategic or Co-development PartnerPartnership providing Women in Finance scholarships as part of Career connect programme to support diversity in financial advice profession. Two scholarships available per intake covering formal qualification fees.
• Osara HealthsupportingStrategic or Co-development PartnerProvider of Cancer Coach support service for Fidelity Life group trauma insurance customers with cancer diagnosis. Separate from insurance claims process, providing ongoing support.
• Teladoc HealthsupportingStrategic or Co-development PartnerProvider of Mental Health Support services as part of Cancer companion programme for eligible Fidelity Life customers.
• FMGsupportingStrategic or Co-development PartnerProvider of two Rural scholarships per intake for the Career connect programme, designed for applicants with rural connection to become financial advisers.
• NZHL GroupsupportingStrategic or Co-development PartnerProvider of two Adviser impact scholarships per intake for the Career connect programme, designed for growth-minded advisers advancing client financial outcomes.
• SHARE NZsupportingStrategic or Co-development PartnerProvider of SHARE NextGen adviser scholarships (two available per intake) for emerging advisers stepping into professional practice within advice industry.

Scale indicators9 records

Recent moves5 records

Expansion highlights6 records

Direct peers

• Accuro Health Insurance: Accuro is a New Zealand member-owned health and life insurer providing personal and group cover including life and trauma products. It is comparable to Fidelity Life as a domestically owned NZ insurer competing for individual and group insurance customers in overlapping product categories.
• Asteron Life: Asteron Life (part of Suncorp Group) is a major New Zealand life insurer offering life, trauma, income protection and business insurance products through advisers. It is a direct competitor to Fidelity Life with overlapping product portfolios, similar adviser distribution, and shared focus on the NZ personal and business protection market.
• Partners Life: Partners Life is a New Zealand life and disability insurer offering income protection, life cover, trauma and business insurance. It directly competes with Fidelity Life across personal, business and group product lines and shares the same adviser-led distribution model in the NZ market.
• Southern Cross Life: Southern Cross Life is a New Zealand-owned insurer offering life, trauma and disability cover alongside its well-known health insurance products. It is a direct competitor to Fidelity Life in the NZ personal and group insurance market, particularly in trauma and life protection categories.
• AIA New Zealand: AIA New Zealand is one of the largest life and health insurers in New Zealand, offering life cover, income protection, trauma and group insurance through financial advisers. It directly competes with Fidelity Life in the same product categories, adviser-led distribution model, and target customer segments across personal, business and group lines.
• Cigna Life Insurance New Zealand: Cigna operates a life and health insurance business in New Zealand offering life cover, trauma, income protection and related protection products. It competes with Fidelity Life for both individual and group customers in the NZ market through financial advisers and direct channels.

Broad incumbents

• AMP Life (AMP New Zealand): AMP operates a broad financial services and life insurance business in New Zealand offering life cover, trauma and income protection through advisers. It is comparable to Fidelity Life as a larger incumbent with overlapping protection products and adviser-led distribution in the NZ market.
• Resolution Life Australasia: Resolution Life is a global in-force life insurance manager that acquired AMP Life's Australian and NZ life portfolios. It is comparable to Fidelity Life as a large-scale operator managing in-force life insurance books in Australasia, with similar capital-intensive insurance economics and regulatory profile.

Regional players

• TAL (Dai-ichi Life Australia): TAL is one of Australia's largest life insurers, part of Dai-ichi Life Group, offering life, trauma, income protection and group insurance. It is comparable to Fidelity Life as a major Australasian life insurer with similar product categories, although TAL primarily operates in Australia rather than NZ.

Others

• Munich Re: Munich Re is a leading global reinsurer that provides reinsurance capacity to life insurers including Fidelity Life, which AM Best notes has moderate reliance on third-party reinsurance. It is comparable to Fidelity Life through its role as a capital and risk-transfer partner rather than as a direct competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/fidelitylifenz
• LinkedInlinkedin.com/company/fidelity-life-company-ltd

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fidelity Life Assurance NZ