Written by · Reviewed by Smiths Insurance & KiwiSaver — licensed Financial Advice Provider (FSP712931) · Last updated 2026-10-20

ASB life insurance and the AIA connection

ASB's own website says its life, health and disability insurance is "underwritten and administered by AIA New Zealand Limited and distributed through ASB Bank Limited". So the insurer behind ASB life insurance is AIA, not the bank. ASB says AIA has been its insurance partner since 2018. If your policy schedule says Sovereign, AIA's help pages cover those closed ranges as well.

In short

Who provides ASB life insurance?

ASB life insurance is life cover that a customer arranges through ASB Bank Limited and that AIA New Zealand Limited underwrites and administers. ASB's role is distribution: its insurance managers talk to you, you apply, and cover is "subject to your application being approved" (ASB and AIA, retrieved 20 October 2026). The company that decides whether to accept you, sets the terms and answers a claim is AIA. ASB says AIA has been its partner "since 2018". The page gives no date for any earlier arrangement and does not mention Sovereign.

Role Who What it does
Distributor ASB Bank Limited Sells the cover through insurance managers, the online enquiry form and branches
Insurer AIA New Zealand Limited Underwrites and administers the policy; its claims team assesses claims
Policyholder You Answers the application questions, pays the premiums, holds the schedule

AIA publishes a Fitch financial strength rating of AA ("Very Strong"). AIA's pages show no date for that grade, and Fitch's scale is not the same as A.M. Best's, so letters do not compare across agencies (AIA: Life cover, retrieved 17 October 2026). QuoteHub's AIA page covers the insurer in full.

What ASB's page does not tell you

ASB's page names the categories (life, income, health and business protection) and gives three ways in: an enquiry form, 0800 200 252 to book with an ASB Insurance Manager, or a branch. It does not name the AIA product, list entry ages, waiting periods or exclusions, say what the premium is, or say whether ASB is paid commission or a referral fee. It does not name the dispute scheme, only a link to feedback and complaints.

That is normal for a bank page, but it means the useful documents are the ones you receive: the policy schedule, the wording and the disclosure statement. Ask for them before you accept, and ask the insurance manager plainly how the person selling to you is paid. The Financial Markets Authority says most insurance advisers receive commission from the insurer, built into the premium, and that they must tell you (FMA: Insurance advice, retrieved 20 October 2026).

Sovereign-branded and older policies

Sovereign was a long-running New Zealand life insurance brand, and many policies still carry its name. AIA's policy wordings and enhancements page says past product ranges offered by AIA and Sovereign are no longer available for sale but "remain in place for existing customers"; the list includes Sovereign TotalCare and TotalCare Max policies issued since February 2001 and Sovereign Private Health, with Absolute Health and MajorCare wordings also published (AIA: policy wordings and enhancements, retrieved 20 October 2026). Closed means no new sales, not no cover.

Two limits on what we can say. We could not source how Sovereign cover came to be sold through ASB, so we do not tell that history. And the date Sovereign's business was amalgamated into AIA is not on the AIA pages we read. Neither changes the practical answer: the schedule names the company, and for a Sovereign-branded policy the company to deal with today is AIA.

AIA also states a rule that helps holders of older wordings. If your product has been updated, then at claim time AIA compares the wording issued to you with the latest wording for that product and applies the most favourable terms, but an update counts only if the claimable event happened on or after the date the change took effect. Keep your old schedule, and do not cancel an old policy to "tidy up" before you have asked a licensed adviser to compare it. See who holds my old insurance policy and the Sovereign explainer.

Pre-existing conditions and disclosure

ASB publishes nothing on how pre-existing conditions are treated, so this section is general. Fully underwritten cover asks about your health, and what you leave out can cost you at claim time. The Insurance and Financial Services Ombudsman (IFSO) states that "the law says that there is an obligation on insureds to disclose all material information", and in one published case an insurer applied 50 per cent loadings retrospectively and paid a reduced stroke claim; the complaint was not upheld (IFSO, retrieved 20 October 2026). From 15 November 2027 (not yet in force) the Contracts of Insurance Act 2024 replaces broad disclosure with a duty to take reasonable care (FMA, retrieved 20 October 2026). Until then, answer every question completely.

How the premium is structured

AIA's current Living wording (version 8, effective 12 May 2026) describes Rate for Age premiums, which rise with age, and a level option fixed for 10 years, to 65 or to 80, after which it converts to Rate for Age (AIA Living wording, retrieved 20 October 2026). Whether your ASB policy uses that wording is a matter for your schedule. The conversion point matters: in an IFSO case a "level to age 80" policy converted and the monthly premium went from $49 to $190, and the complaint was not upheld (IFSO, retrieved 20 October 2026). See stepped versus level premiums.

Claims, changes and complaints

ASB's page gives no claims number. AIA says you can lodge through your adviser or phone AIA on 0800 500 108, Monday to Friday, 8:30am to 5:00pm (AIA: Claims, retrieved 20 October 2026). For changes to an existing ASB policy, start with the ASB number above or the contact on your schedule. If a complaint is not resolved, you take it to the provider first and then to its approved dispute scheme; the scheme is named in the provider's documents (FMA: Disputes, retrieved 20 October 2026).

Who else sits behind the big banks

Banks distribute, and several have changed insurer. These are the banks' own statements, read 20 October 2026 unless noted.

Bank Insurer behind the cover Source
ASB AIA New Zealand Limited ASB
BNZ Partners Life; BNZ says "We no longer provide life insurance" BNZ
ANZ Third-party insurers; partner Chubb Life Insurance New Zealand Limited ANZ
Westpac Fidelity Life (LifeProtect) Fidelity

Read the sibling pages for BNZ, ANZ and Westpac.

If you want cover with no health questions

Some people reading this have been declined, or have a condition they expect an underwriter to load. Guaranteed acceptance means no health questions, and it comes with trade-offs. A healthy person can usually get more cover for less with fully underwritten cover through an adviser.

Momentum Life Limited (FSP472286) issues two such products. Quick Life accepts ages 18 to 65, covers $50,000 to $300,000 and asks no health questions, but for the first 2 years pre-existing conditions and suicide are excluded; if a death from a pre-existing condition happens in that time, premiums are refunded. Premiums rise each year until 75. Funeral Insurance accepts ages 40 to 75 and pays $3,000 to $30,000; in the first 24 months it pays only for accidental death, and any other death in that time refunds all premiums. Total premiums can end up larger than the benefit, and the benefit may not cover the whole funeral (Quick Life wording, Funeral wording). Momentum's A.M. Best rating is B (Fair), which Momentum's own table places in its "Vulnerable" range; see its financial strength page.

More in guaranteed acceptance, life insurance after a decline and our Momentum Life page. The buttons on this page lead to Momentum's own application. QuoteHub is a Momentum Life partner, and Smiths Insurance & KiwiSaver may receive a commission on Momentum products; see how we are paid.

Frequently asked questions

Is ASB an insurer?

ASB says its life, health and disability insurance is underwritten and administered by AIA New Zealand Limited and distributed through ASB Bank Limited, so ASB sells the cover and AIA is the insurer.

Who pays the claim on an ASB life policy?

AIA's claims team handles claims on AIA-underwritten cover. You can lodge through your adviser or phone AIA on 0800 500 108.

Is my old Sovereign policy still valid?

AIA says past Sovereign ranges are closed to new sales but remain in place for existing customers. Check your schedule for the product name and keep it with your papers.

Can I move my ASB cover to another insurer?

You can apply elsewhere, but a new insurer sees your full health history and may add new waiting periods or exclusions. The FMA says to keep the old policy running until the new one is in force (FMA). Ask a licensed adviser to compare before you cancel.

References

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