Fidelity Life delivers record profit

Fidelity Life, New Zealand’s largest locally owned life insurance company, announces a record net profit after tax for 2014 of $35.1 million, more than double the $17.1 million achieved in 2013.

During the year Fidelity Life acquired the in-force life insurance business of TOWER Health & Life Limited and the group risk business of TOWER Life (NZ) Limited. The company also completed the sale of the Fidelity KiwiSaver Scheme to Grosvenor Financial Services Group Limited and the acquisition of TriMax Assurance Services Limited.

Fidelity Life Chairman, Ian Braddock, described the result as exceptional and noted that the underlying income of $21.7 million positions the company well for the future.

The company, which holds its Annual General Meeting on 29 October 2014, has announced a dividend to shareholders of $3.15 per share, up from $3.00 per share last year.