Partners Life Limited signed an agreement to acquire BNZ Life Insurance Limited from National Australia Bank Limited (ASX:NAB) for approximately NZD 290 million on December 16, 2020. As part of the sale, BNZ will also enter into an exclusive 10-year agreement for the referral of BNZ's customers with life insurance needs to Partners Life, subject to Partners Life continuing to meet agreed operating standards. The sale is subject to regulatory and other approvals with completion expected to occur in late 2021. The pending regulatory and other approvals were received in September 2021. As on July 9, 2021, the transaction is expected to complete by end of March 2022. Upon completion, the sale is expected to result in an increase in NAB Group's Common Equity Tier 1 (CET1) ratio of 6 bps based on the NAB Group's risk weighted assets as at 30 September 2020. Macquarie Group Limited (ASX:MQG) acted as financial advisor to Partners Life Limited. Ernst & Young Group Limited acted as Financial and Tax due diligence provider to Partners Life Limited.

Partners Life Limited completed the acquisition of BNZ Life Insurance Limited from National Australia Bank Limited (ASX:NAB) on September 30, 2022.