(Auckland, NZ) On 25 August 2014, TOWER Limited announced that it has sold its remaining life business, TOWER Life (N.Z.) Limited to Foundation Life (NZ) Holdings Limited ("Foundation Life"), subject to conditions precedent including regulatory approvals. The aggregate value of the transaction is $36 million.
Foundation Life is a private company that is focused on the acquisition and long term prudential management of life insurance portfolios which are no longer being actively marketed.
TOWER Life (N.Z.) Limited comprises TOWER’s residual "run-off" life business including a participating book, annuity business, unit linked book and a small amount of traditional non-participating term insurance. TOWER Life (N.Z.) Limited had total assets of more than $700 million as at 31 March 2014.