NIB HOLDINGS LIMITED ASX Announcement
Dat
e
Subject nib announces health and travel insur leading New Zealand retail brand
nce distr bution agreement withnib holdings limited (ASX: NHF) today announced that its New Zealand subsidiary, nib nz Limited (nib NZ), has joined forces with one of New Zealand's largest retailers, The Warehouse Group (NZX: WHS) to offer
private health and travel insurance pr
ducts. Through the relationship The Warehouse Group will sell nib
health and travel insurance under the Warehouse Money brand.
nib NZ Chief Executive Officer Mr Rob Hennin said the strategic relationship with The Warehouse Group presents a fantastic opportunity to further grow nib's New Zealand operations.
'Since entering the New Zealand market in late 2012 with the acquisition of TOWER New Zealand's medical
insurance business we have been exploring a number of growth opportunities, inclluding whit distribution agreements with iconic Kiwi brands,' Mr Hennin added.
labelling
'The Warehouse Group selected nib due to our industry-leading product range, focus on innovation and first class customer service. Plus we bring to the relationship considerable knowledge and experience in
whit
labelling following our successfu
partnership with Apia in Australi
,' he said.
Mr Hennin added that nib's recent acquisition of World Nomads Group also meant travel insurance could be bundled into the product mix as well.
Under the strategic relationship nib will manage all customer service and administration requirements for The Warehouse Group including sales, policy administration and claims management for health and travel insurance products. The initial term of the relationship is five years, with nib confirming it was exploring additional whitelabelling distribution opportunities with other well-known New Zealand brands.
The strategic relationship with The W
rehouse Group will have a negligible impact on nib's FY16 consolidated
underlying and statutory operating profit, however is expected to be a more material contributor to nib NZ's earnings from FY17.
Matthew Neat
Head of Corporate Affairs & Investor Relations Tel: +61 (0)2 4914 1777
Mob: 0411 700 006 (+61 411 700 006)
Email: m.neat@nib.com.au
The Warehouse Group Limited (TWG) is a NZX listed retail business that comprises 92 Warehouse st
res, 73 Noel
Leeming stores, 65 Warehouse Stationery stores and 10 Torpedo7 stores in New Zealand and several online businesses. The company had a turnover of $2.8 billion in FY15 and employs over 12,000 people. TWG have decided to branch-out from their traditional business model and leverage their brand and distribution and offer financial services products. These products will be marketed through a new brand called Warehouse Money (WM) and will include a suite of financial services including insurance products (health, travel, general), credit cards and other financial services.
|
distributed by
|
