Completion of sale of New Zealand Life Insurance business

ASX
Release

28 February 2022


WESTPAC COMPLETES SALE OF NEW ZEALAND LIFE INSURANCE BUSINESS


Westpac today announced that it has completed the sale of Westpac Life-NZ- Limited to Fidelity
Lif e Assurance Company Limited (Fidelity Life) for NZ$400 million (approximately A$382
million
1
). The transaction was first announced on 6 July 2021 and the terms of the sale remain
unchanged.

Westpac expects to report a post-tax gain on sale of NZ$98 million (approximately A$93 million
1
),
subject to the finalisation of completion adjustments and separation costs. The gain on sale will
be included in Westpac’s First Half 2022 results. The sale adds approximately 8 basis points to
Westpac’s common equity tier 1 capital ratio
2
.

In addition, Westpac New Zealand will receive ongoing payments under a 15-year distribution
agreement
3
.

Westpac New Zealand Chief Executive Catherine McGrath said “this transaction is a further step
in the simplification of our business. The sale of the New Zealand life insurance business to
Fidelity Life ensures that our customers will be well supported by a local specialist.”



For further information:

Will Hine Neil Wesley
External Relations Investor Relations
M. +64 21 433 715 M. 0481 461 498

ENDS



This document has been authorised for release by Tim Hartin, Company Secretary.


1
Translated using a NZD/AUD exchange rate of 0.954. The sale price excludes ongoing payments.
2
On a pro forma 31 December 2021 basis for Level 2.
3 Following the sale, Westpac Life-NZ- Limited will be renamed Fidelity Insurance Limited and will enter into a 15-year life insurance distribution arrangement with Westpac
New Zealand.
Level 18, 275 Kent Street
Sydney, NSW, 2000