What Metlifecare Ltd does

Metlifecare Ltd is a New Zealand retirement village and aged care operator, publicly listed on the NZX under the ticker MLC. Founded in 1984 and headquartered in Newmarket, Auckland, the company operates 37 retirement villages across New Zealand serving approximately 7,000 residents with a workforce of over 2,000 staff. Its core offering spans independent living units, serviced apartments, and residential aged care beds, complemented by the MetProtect point-of-sale personal contents insurance product available to residents.

The business model is built around Occupation Right Agreements (ORAs). Residents pay an entry fee for the right to occupy a unit, which is typically partially refunded on exit (often subject to a deferred management fee), and pay recurring weekly village fees plus fees for additional care and hospitality services. Revenue streams therefore include ORA entry receipts, deferred management fees amortised over residency, recurring village fees, care fees, and resale gains on outgoing units. The model is asset-heavy, reliant on property development cycles, and exposed to New Zealand residential property valuations and demographic ageing trends.

Metlifecare is in the midst of a strategic refresh. The company completed the acquisition of Selwyn Villages, is opening new developments including Wānaka Peaks and The Tides Mangawhai, and operates MetFlex, an internal casual workforce bureau. It has appointed a new CEO (Earl Gasparich, formerly of Oceania Healthcare), a new CIO (Tim Aynsley, August 2024), and consolidated strategy and operations under a Chief Operating & Strategy Officer. Sustainability-linked loans and bonds tie financing costs to ESG performance targets, and the company holds AEWV accreditation to recruit offshore care workers.

Name

Metlifecare Ltd

Legal name

Metlifecare Limited

Website

https://metlifecare.co.nz

Company type

Public

Founded year

1984

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Metlifecare Ltd operates 37 retirement villages across New Zealand serving approximately 7,000 residents via Occupation Right Agreements, weekly village fees, and aged care services. Listed on the NZX (MLC) and headquartered in Auckland.

Ownership category

akta.pro rank

Product category

Retirement Living and Aged Care

NAICS

Continuing Care Retirement Communities and Assisted Living Facilities for the Elderly (6233), Assisted Living Facilities for the Elderly (623312)

SIC

Services-Nursing & Personal Care Facilities (8050), Services-Skilled Nursing Care Facilities (8051)

akta.pro primary industry

Large Campus / Multi-Building Assisted Living Communities (HLADABAG)

akta.pro secondary industries

Assisted Living with Enhanced Care / High-Acuity (Aging-in-Place) (HLADABAC), Luxury/Resort-Style Independent Living Communities (HLADAAAC)

Keywords

• Retirement villages
• Aged care services
• Independent living
• Serviced apartments
• Dementia care

Headquarters

HQ city

Parnell

HQ country

New Zealand

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Occupation Right Agreement (ORA) Entry Fees: Residents pay an upfront capital sum to secure an ORA. The Membership Fee (Deferred Management Fee) accrues up to 30% over three years. This is the primary revenue model for retirement villages.
2. Village Fees: Ongoing village fees charged to residents, reviewed annually with increases capped at CPI. Fees stop immediately when the ORA is terminated and the resident fully vacates.
3. Care Services: Aged care services including hospital care, dementia care, and rest home services provided within care homes. Revenue from clinical care provision.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

Metlifecare develops and operates retirement villages and aged care homes across New Zealand, serving approximately 7,000 residents through 37 villages. Core offerings include independent living homes, serviced apartments with daily support, and aged care services (hospital, dementia, rest home). Residents enter via Occupation Right Agreements (ORAs) with upfront capital sums and ongoing village fees.

Product overview

Metlifecare Ltd operates a portfolio of retirement villages and aged care homes across New Zealand, offering a continuum of living options from independent living through to full clinical care. The core product consists of retirement village homes and serviced apartments, supplemented by aged care facilities providing hospital-level and dementia care. Key supporting products include MetProtect (10-point resident assurance programme), MetFlex (internal casual workforce bureau), and MetHub (resident mobile app). The company operates 37 villages across New Zealand and employs over 2,000 staff to serve approximately 7,000 residents.

Differentiator

Problem solved

Functional benefit

Brands

• MetFlex: Metlifecare's internal flexible workforce bureau that employs, develops, and coordinates casual employees working in villages and care homes.
• MetProtect

Products and services

• Independent Living Retirement village homes for active retirees who can live independently, offering community amenities and lifestyle services across Metlifecare's 37 New Zealand villages.

Quantifiable outcome

• Nearly 7,000 residents served across 37 villages
• +1 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability2 records

Partnerships

One partnership is on record.

• DNV (Assurance Provider)minorOthers · 1 June 2025DNV provides independent assurance services for Metlifecare's sustainability reporting, including Use of Proceeds reports and Climate Statements. DNV has issued multiple assurance reports (June 2023, June 2024, June 2025).

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Arvida Group: NZX-listed NZ retirement village and aged care operator (NZX: ARV) with ~36 villages — the most direct size-comparable peer to Metlifecare's 37-village portfolio. Closely matched product mix including independent living, rest home, hospital, and dementia care.
• Ryman Healthcare: Largest NZ retirement village and aged care operator (NZX: RYM), running ~50+ villages with a similar continuum-of-care model (independent, serviced, hospital, dementia). Most direct competitor on scale, geographic coverage, and product mix.
• Oceania Healthcare: NZX-listed NZ aged care and retirement village operator (NZX: OCA) — directly comparable model with independent living, serviced apartments, and care services. Notable because Metlifecare's current CEO Earl Gasparich previously led Oceania for seven years.
• Summerset Group Holdings: NZX-listed NZ retirement village operator (NZX: SUM) with ~40 villages offering independent living, serviced apartments, and aged care. Closely comparable continuum-of-care operator competing directly with Metlifecare in regional NZ markets.

Regional players

• Aveo Group: Major Australian retirement village operator listed on the ASX, providing a trans-Tasman comparable for the ORA/loan-licence model, scale economics, and lifecycle-care strategy — though operating in a different regulatory and property market.
• Lifestyle Communities: ASX-listed Australian owner/operator of independent living retirement communities. Less aged care overlap but a useful cross-Tasman comparable for the resident-funded ORA-style capital model and village economics.

Emerging players

• Estia Health: ASX-listed aged care provider (now part of Bain Capital). Comparable on the aged care / clinical operations side rather than the independent-living village side, useful for benchmarking care-segment margin profiles.
• Selwyn Villages: NZ retirement village operator recently acquired by Metlifecare. Operates a comparable village and aged care model in select NZ regions; now part of Metlifecare's portfolio but a useful comparable for segment-level benchmarking.

Others

• Heritage Lifecare: NZ aged care and retirement village operator focused primarily on rest home, hospital, and dementia care. Less of a direct retirement-village competitor but a useful adjacent comparable for clinical/aged care segment economics in NZ.

Broad incumbents

• Bupa New Zealand: One of NZ's largest retirement village and aged care operators as part of global Bupa. Directly competes with Metlifecare across care services and villages; former Bupa NZ Operational Director Maggie Owens now serves on Metlifecare's Board.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/c/Metlifecare
• Facebookfacebook.com/metlifecare
• LinkedInlinkedin.com/company/metlifecare
• Instagraminstagram.com/metlifecare

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Metlifecare Ltd