Promina has entered into an innovative joint venture to market life insurance direct to the customer in New Zealand. The new company, AA Life Services, is a distribution joint venture involving Asteron, Promina’s trans-Tasman financial services business, and the New Zealand Automobile Association (AA).

Group CEO and MD Michael Wilkins says AA Life Services is a strategic initiative designed to enhance Promina’s Group’s portfolio in its key NZ market.

“AA Life Services continues Promina’s stated strategy of specialisation and focus, in which the group identifies selected markets that we find attractive, and where we can successfully manage risk on behalf of a targeted customer group.”

Mr Wilkins says the joint venture will strengthen Asteron’s position as a trans-Tasman business by building on the deep capability and skills Asteron has in the life insurance area and further developing a market where Promina already has a significant presence.

Promina brands include AAMI, Vero, Shannons, Tyndall, Asteron, AA Insurance and Australian Pensioners Insurance Agency.