History

Foundation Life (NZ) Holdings Limited purchased Tower Life (N.Z.) Limited from Tower Insurance Limited in 2014. On 29 January 2015, Tower (N.Z.) Limited was renamed Foundation Life (NZ) Limited and re-branded to Foundation Life.

Tower's origins go back to 1869 when the Government Life Insurance Office (Government Life) was created in New Zealand, with its initial capital provided by the New Zealand government. Government Life became a separate statutory body with the passing of the Government Life Insurance Act 1953. It was renamed Tower Corporation in 1987 and in 1990 ownership was conferred to its policyholders with the passing of the Tower Corporation Act, allowing Tower to be owned as a mutual association. Tower undertook a demutualisation process in 1999 with the approval of its policy holders and the High Court. The effect of this was to convert Tower's legal status to a shareholder owned company.

Key Milestones

1869
Government Life Insurance Office (Government Life) was created in New Zealand, with its initial capital provided by the New Zealand government.
1953
Government Life became a separate statutory body with the passing of the Government Life Insurance Act.
1987
Government Life renamed to Tower Corporation.
1990
Ownership conferred to policyholders with the passing of the Tower Corporation Act, allowing Tower to be owned as a mutual association.
1999
Tower demutualisation process begins.
2014
Tower Limited announces sale of Tower Life (NZ) Limited to Foundation Life (NZ) Holdings Limited.
2015
Tower Life (NZ) Limited was renamed Foundation Life (NZ) Limited and rebranded to Foundation Life.