IAG New Zealand has handed its life insurance customers to broker Aon, after deciding to depart the sector.

The decision affects about 50,000 customers across all IAG’s brands.

AIA provided the policies IAG sold and will continue to provide cover and benefits for those customers. The handover took place last month.

“Life insurance is a very small part of IAG’s business, so this decision was made to ensure our customers are appropriately supported,” an IAG spokesman said.

Customers are being contacted to make them aware of the move.