Partners Life

About Partners Life

Partners Life, a New Zealand-based insurance provider, was established in 2011 by a team of industry veterans including Naomi Ballantyne, Chris Coon, and Richard Coon. Ballantyne, who served as Managing Director until her retirement in 2024, has a notable history in the sector, having been a founding employee at Sovereign Insurance and later founding Club Life (now OnePath Life). Her extensive experience shaped the company's direction, focusing on addressing perceived gaps in the market, such as rewarding long-term customer loyalty.

The company operates in New Zealand's life and health insurance market, offering a comprehensive suite of products directly to individuals and businesses. Its business model hinges on a partnership with a network of independent financial advisers who are selected and monitored to ensure they provide suitable advice and service to clients. This distribution strategy allows for personalized insurance solutions tailored to individual needs. Revenue is generated through the sale of insurance policies.

Partners Life provides a wide range of personal and business risk protection. Its product portfolio includes Life Cover, Income Protection, Medical Insurance, Trauma Cover, and Total and Permanent Disability Cover. A key feature is the company's commitment to product development, offering guaranteed policy wording and upgrades to ensure existing customers benefit from future improvements. The company also provides non-PHARMAC subsidized drug cover as a standard part of its Private Medical Cover. Following a period of substantial growth, during which it became New Zealand's second-largest life insurer by some metrics, Partners Life was acquired by the global insurance specialist Dai-ichi Life Holdings in August 2022 for approximately NZ$1 billion. The acquisition is intended to provide significant capital and global expertise for the company's next growth phase, while allowing Partners Life to operate as a standalone New Zealand business.