NAB-owned Bank of New Zealand (BNZ) has completed the sale of its life insurance business to Partners Life.

The transaction was settled on Friday, after regulators approved the deal last month.

“We’re pleased to be able to complete the sale of BNZ Life to Partners Life,” BNZ Executive Customer, Products, and Services Karna Luke said.

“It’s an important part of our drive to simplify our business as we work to perfect the basics and relentlessly focus on serving our customers brilliantly.”

As part of the transaction terms, BNZ will continue to refer customers with life insurance needs to Partners Life exclusively for a ten-year period, subject to the new owner continuing to meet agreed operating standards.

NAB announced in 2020 it has an agreement to sell the business for $NZ290 million ($253 million) to Partners Life.