Fidelity Life vs Partners Life NZ: Which Insurer Is Right for You?
Fidelity Life and Partners Life are both New Zealand life insurers sold mainly through advisers, and the choice between them turns on ownership and price against claims record and product flexibility. Fidelity Life has operated since 1973 and is the country's largest locally owned life insurer, held by the NZ Super Fund and Ngai Tahu Holdings. Partners Life launched in 2011 with Dai-ichi Life of Japan behind it.
In short
- Fidelity Life accepted and paid 93% of the claims it received, totalling $247.7 million, in the year to 30 June 2025 (Fidelity Life, *Claims we've paid* customer brochure, retrieved 18 August 2026).
- Partners Life paid 95% of all assessed claims, more than $325 million, on claims assessed between 1 April 2024 and 31 March 2025 (Partners Life claims brochure, retrieved 18 August 2026).
- The Reserve Bank's register of licensed insurers records an A.M. Best A- against Fidelity Life and an A.M. Best A against Partners Life (RBNZ register of licensed insurers, retrieved 18 August 2026).
Fidelity Life and Partners Life are two of the most recommended life insurers in New Zealand. Both hold A.M. Best financial strength ratings on the Reserve Bank of New Zealand register of licensed insurers: Fidelity Life at A-, Partners Life at A (retrieved 18 August 2026). Both distribute through financial advisers, and both offer a full suite of personal risk products. But they take fundamentally different approaches to how they deliver value to policyholders.
Fidelity Life is New Zealand's largest locally owned life insurer, and its reduced commission model is intended to keep premiums lower than comparable cover elsewhere. Partners Life, backed by Japan's Dai-ichi Life, has built its reputation on claims performance, product flexibility, and industry recognition through multiple ANZIIF awards.
This comparison examines both insurers across the metrics that matter most: pricing, claims performance, financial strength, product features, and overall suitability. The goal is to help you understand which insurer is the better fit for your situation.
Head-to-Head Snapshot
Fidelity Life, founded in 1973 and owned by the NZ Super Fund and Ngai Tahu Holdings, holds an A- (Excellent) rating from A.M. Best and accepted and paid 93% of all claims it received in the year to 30 June 2025 (Fidelity Life, *Claims we've paid* customer brochure, 1 July 2024 – 30 June 2025, retrieved 18 August 2026). Partners Life, founded in 2011 and backed by Dai-ichi Life, holds an A (Excellent) rating and paid 95% of all assessed claims (Partners Life, *This is Partners Life 2025* claims brochure, claims assessed 1 April 2024 – 31 March 2025, retrieved 18 August 2026), distributing in New Zealand through advisers only.
| Fidelity Life | Partners Life | |
|---|---|---|
| Logo |  |
 |
| Founded | 1973 | 2011 |
| Ownership | NZ Super Fund and Ngai Tahu Holdings (NZ-owned) | Dai-ichi Life (Japan-backed, NZ-based) |
| Financial strength | A- (Excellent), A.M. Best | A (Excellent), A.M. Best |
| Claims acceptance rate | 93% (year to 30 June 2025) | 95% (year to 31 March 2025) |
| Claims paid (latest year) | $247.7 million | $325+ million |
| Total claims paid (all time) | $2+ billion | $1.6+ billion |
| Distribution | Adviser and direct (select products) | Adviser only |
| Headquarters | Auckland, NZ | Auckland, NZ |
| Key differentiator | Lower premiums via reduced commissions | Claims excellence and product flexibility |
Company Background
Fidelity Life has operated since 1973 and is New Zealand's largest locally owned life insurer, backed by the NZ Super Fund and Ngai Tahu Holdings, having paid more than $2 billion in claims since founding (riskinfo NZ, 1 December 2025, retrieved 18 August 2026). Partners Life was founded in 2011 by Naomi Ballantyne, is backed by Dai-ichi Life, and has paid more than $1.6 billion in claims since launch (Partners Life, *This is Partners Life 2025* claims brochure, retrieved 18 August 2026).
Fidelity Life
Fidelity Life has been operating since 1973, making it one of the longest-standing life insurers in the New Zealand market. What sets it apart from almost every competitor is ownership. While most NZ life insurers are subsidiaries of large Australian, Asian, or European groups, Fidelity Life is genuinely New Zealand-owned and operated.
The company is backed by the NZ Super Fund (the country's sovereign wealth fund) and Ngai Tahu Holdings (one of the largest iwi investment entities). This ownership structure means that decisions about products, pricing, and strategy are made locally, with New Zealand policyholders as the primary focus.
Fidelity Life has paid out more than $2 billion in claims since it was founded. In the year to 30 June 2025 the company paid $247.7 million in claims and supported 2,279 customers through the claims process (Fidelity Life, *Claims we've paid* customer brochure; riskinfo NZ, 1 December 2025, both retrieved 18 August 2026).
For a deeper analysis, see our full Fidelity Life review.
Partners Life
Partners Life is the younger company, founded in 2011 by Naomi Ballantyne, one of the most recognised figures in New Zealand insurance. Despite its relatively short history, Partners Life has grown rapidly to become one of the top five life insurers in the country.
The company is backed by Dai-ichi Life, one of the world's largest life insurance groups. This backing provides significant financial scale while Partners Life retains operational independence in the New Zealand market. The company distributes exclusively through financial advisers and has earned a strong reputation among the adviser community for product quality and claims service.
Partners Life has paid more than $1.6 billion in claims since launch and more than $325 million in the year of claims assessed from 1 April 2024 to 31 March 2025, and has more than 340,000 New Zealand clients (Partners Life, *This is Partners Life 2025* claims brochure, retrieved 18 August 2026). They have won multiple ANZIIF (Australian and New Zealand Institute of Insurance and Finance) awards for claims excellence and customer outcomes.
For a deeper analysis, see our full Partners Life review.
Financial Strength
Fidelity Life holds an A- (Excellent) financial strength rating and Partners Life holds an A (Excellent) rating, both from A.M. Best and both recorded on the Reserve Bank of New Zealand register of licensed insurers (retrieved 18 August 2026). The one-notch difference reflects Dai-ichi Life's backing behind Partners Life, while Fidelity Life's rating reflects the NZ Super Fund and Ngai Tahu as institutional backers. Both indicate excellent ability to pay claims.
Fidelity Life: A- (Excellent) Partners Life: A (Excellent)
Partners Life holds the slightly higher rating. The one-notch difference reflects the financial backing of Dai-ichi Life, one of the largest life insurance groups globally. Fidelity Life's A- rating is still firmly in the "Excellent" category and reflects the strength of the NZ Super Fund and Ngai Tahu as institutional backers.
For practical purposes, both ratings indicate that each insurer has excellent ability to meet its ongoing insurance obligations and pay claims. The difference between A- and A is unlikely to affect your experience as a policyholder.
What matters more is whether either insurer is likely to be around in 20 or 30 years. Both have institutional ownership that suggests long-term stability. Fidelity Life has the track record advantage with over 50 years of operation. Partners Life has the capital backing advantage through Dai-ichi Life.
Claims Performance
Partners Life paid 95% of all assessed claims and more than $325 million on claims assessed between 1 April 2024 and 31 March 2025 (Partners Life claims brochure), while Fidelity Life accepted and paid 93% of the claims it received and paid $247.7 million in the year to 30 June 2025 (Fidelity Life claims brochure). Both retrieved 18 August 2026. Both insurers publish their claims data in full.
| Metric | Fidelity Life | Partners Life |
|---|---|---|
| Period the figures cover | 1 July 2024 – 30 June 2025 | Claims assessed 1 Apr 2024 – 31 Mar 2025 |
| Claims acceptance rate | 93% | 95% |
| Total claims paid (latest year) | $247.7 million | $325+ million |
| Largest category by dollars paid | Life, $147.3 million | Life, $94.3 million |
| Next largest | Trauma, $50.8 million | Private medical, $83.4 million |
| Income protection paid | $47.5 million | $60.7 million |
Partners Life holds the higher published rate: 95% of assessed claims paid (Partners Life) against Fidelity Life's 93% of claims received (Fidelity Life), both retrieved 18 August 2026. In practical terms, that means for every 100 claims assessed, Partners Life pays approximately two more than Fidelity Life. Over a large portfolio, that difference is meaningful, though the two figures cover different twelve-month periods and are measured slightly differently, so they are not a like-for-like comparison.
However, direct comparisons should be made carefully. Differences in claims acceptance rates can reflect the mix of products sold, the demographic profile of policyholders, underwriting standards at application stage, and how each insurer categorises withdrawn or incomplete claims. A lower acceptance rate does not necessarily mean an insurer is harder on claims.
Both insurers publish transparent claims data, which is a positive signal. Some insurers in the New Zealand market do not provide this level of detail, making it harder for consumers to evaluate their claims record.
Partners Life also operates a Customer Outcomes Review Committee (CORC), which reviews denied claims and customer complaints. This provides an additional layer of accountability beyond the standard claims process.
Pricing Comparison
Fidelity Life generally prices below Partners Life for comparable cover in New Zealand, and the difference is structural rather than a promotion: it is driven by commission. Fidelity Life pays advisers less than the market standard and passes the saving through. The size of the gap is not published, and it varies by product, age and underwriting outcome, so treat any single percentage you see quoted with caution.
Adviser commission is built into the premium you pay: an upfront payment when the policy is placed, and a smaller ongoing payment for as long as it stays in force. Fidelity Life pays lower commissions than the industry standard, and the savings are passed through to the consumer. Your adviser is required to disclose their commission arrangements to you, so ask.
How the Premium Gap Behaves by Age (Stepped Premiums)
On a stepped basis, the premium for life cover with either insurer rises with age, and it rises steeply after about 50. The pricing gap between the two is not a published figure and we will not estimate one here. The only reliable way to see it is a quote run on your own age, health, occupation and cover amount.
What can be said is that the gap is not the result of Fidelity Life offering less cover. The products are broadly comparable. The difference is structural, driven by the commission model, so where it exists it tends to persist across the life of the policy rather than disappearing after year one. Over a 20- or 30-year term, that is where it matters most.
Want to see actual premiums for your situation? Get a free comparison quote and we will show you pricing from Fidelity Life, Partners Life, and other leading NZ insurers side by side.
Product Range
Fidelity Life and Partners Life both offer life insurance, trauma cover, income protection, total permanent disability, mortgage protection, business insurance and children's cover in New Zealand. The main differences are health insurance, which Partners Life offers and Fidelity Life does not, and funeral cover, offered by Fidelity Life through its LifeCare plan but not standalone by Partners Life.
| Product | Fidelity Life | Partners Life |
|---|---|---|
| Life insurance | Yes | Yes |
| Trauma/critical illness | Yes | Yes |
| Income protection | Yes | Yes |
| Total permanent disability (TPD) | Yes | Yes |
| Health/medical insurance | No | Yes |
| Mortgage protection | Yes | Yes |
| Funeral cover | Yes (LifeCare plan) | No (standalone) |
| Business insurance | Yes | Yes |
| Children's cover | Yes (trauma add-on) | Yes (trauma add-on) |
The most notable difference is that Partners Life offers health and medical insurance alongside their life products, allowing you to hold all your cover with one insurer. Fidelity Life does not offer health insurance, so you would need a separate provider (such as Southern Cross or nib) for that component.
Product Flexibility
Partners Life is generally regarded as having more flexible policy structures. Their products offer a wider range of optional benefits, add-ons, and customisation options. For example, Partners Life's trauma cover includes a broader list of covered conditions and more options for partial payments at different severity levels.
Fidelity Life's products are well-designed and competitive, but they tend to be slightly more straightforward in structure. For many consumers, this simplicity is an advantage. But if you have complex needs or want highly tailored cover, Partners Life may offer more options.
Unique Selling Points
Fidelity Life's unique selling points in New Zealand are lower premiums through reduced adviser commissions, genuine local ownership by the NZ Super Fund and Ngai Tahu Holdings, a 50-year track record since 1973, and simple products. Partners Life's are its published claims record, 95% of all assessed claims paid (Partners Life, *This is Partners Life 2025* claims brochure, claims assessed 1 April 2024 – 31 March 2025, retrieved 18 August 2026), multiple ANZIIF awards, product flexibility, health insurance, and its Customer Outcomes Review Committee.
Fidelity Life
- Lower premiums. The reduced commission model is designed to deliver a consistent saving across most products and age groups.
- New Zealand ownership. The only major life insurer in NZ that is genuinely locally owned. Backed by the NZ Super Fund and Ngai Tahu Holdings.
- 50+ year track record. Operating since 1973, with more than $2 billion in total claims paid (riskinfo NZ, 1 December 2025, retrieved 18 August 2026).
- Direct options. Some products are available direct-to-consumer, not just through advisers.
- Simple, transparent products. Straightforward policy structures that are easy to understand.
Partners Life
- Strong published claims record. 95% of all assessed claims paid (Partners Life claims brochure, claims assessed 1 April 2024 – 31 March 2025, retrieved 18 August 2026), among the higher published rates in the NZ market.
- ANZIIF award winner. Multiple industry awards for claims excellence and customer outcomes.
- Product flexibility. Broader range of optional benefits and customisation across all product lines.
- Health insurance included. Full medical insurance available, allowing you to consolidate all cover with one insurer.
- Customer Outcomes Review Committee. Formal governance process for reviewing denied claims and complaints.
- Strong adviser relationships. Highly regarded by the adviser community for service and support.
Who Each Insurer Suits Best
Fidelity Life suits New Zealand policyholders whose priority is price, who value local ownership, whose needs are straightforward, and who plan to hold cover long-term so any premium saving compounds. Partners Life suits people who prioritise claims performance and its published 95% acceptance rate, want maximum flexibility, want to consolidate health cover, or already work with an adviser.
Choose Fidelity Life if:
- Price is your priority. You want the lowest possible premiums for comparable cover.
- You value NZ ownership. Knowing that your insurer is locally owned and governed matters to you.
- Your needs are straightforward. You want solid, well-priced cover without needing extensive customisation.
- You are budget-conscious but still want quality. The savings are real and do not come at the expense of product quality.
- You plan to hold cover long-term. The premium savings compound over time, making Fidelity Life increasingly cost-effective the longer you hold your policy.
Choose Partners Life if:
- Claims performance is your top concern. You want the insurer with the higher published acceptance rate of the two and a strong track record of paying claims.
- You want maximum flexibility. Your insurance needs are complex, and you want the most customisation options available.
- You want to consolidate. Having life, trauma, income protection, and health insurance all with one provider simplifies your insurance programme.
- Industry recognition matters to you. Partners Life's ANZIIF awards reflect genuine excellence in claims and customer outcomes.
- You have a financial adviser. Partners Life works exclusively through advisers, which can mean better ongoing service and advocacy at claims time.
The Verdict
There is no objectively "better" insurer between Fidelity Life and Partners Life. Both are strong, well-rated companies with comprehensive product ranges and solid claims records. The right choice depends on what you value most.
If your primary concern is cost, Fidelity Life is the likelier answer. Their structural pricing advantage is real and compounds over time, and you are not sacrificing quality for it. Fidelity Life's products are competitive, they accepted and paid 93% of the claims they received in the year to 30 June 2025 (Fidelity Life claims brochure, retrieved 18 August 2026), and their 50-year track record speaks for itself.
If your primary concern is claims confidence and product flexibility, Partners Life wins. Their 95% acceptance rate on assessed claims (Partners Life claims brochure, claims assessed 1 April 2024 – 31 March 2025, retrieved 18 August 2026), ANZIIF awards, and broader product suite (including health insurance) make them the choice for people who want a smooth claims experience and the most comprehensive cover options.
For many Kiwis, the practical difference comes down to whether the premium saving with Fidelity Life outweighs the marginally higher published acceptance rate and greater flexibility with Partners Life. There is no wrong answer. Both insurers will serve you well.
Not sure which insurer is the best fit? Compare quotes from both Fidelity Life and Partners Life through QuoteHub. Our advisers can walk you through the differences based on your specific situation. QuoteHub usually does not charge clients directly for insurance advice and may receive commission from insurers. Our disclosure statement explains our remuneration and provider panel.
Frequently Asked Questions
Is Fidelity Life cheaper than Partners Life?
Generally yes, for comparable cover. The difference is driven by Fidelity Life's reduced commission model, where they pay financial advisers lower commissions and pass the savings through to policyholders. Neither insurer publishes the size of the gap, and it varies by product, age and underwriting outcome, so the only way to know what it is for you is to compare actual quotes.
Why is Partners Life's claims acceptance rate higher?
Partners Life reports 95% of all assessed claims paid (Partners Life claims brochure, claims assessed 1 April 2024 – 31 March 2025) against Fidelity Life's 93% of claims received (Fidelity Life claims brochure, 1 July 2024 – 30 June 2025), both retrieved 18 August 2026. The difference can reflect underwriting standards, the product mix of policyholders, and how each insurer handles withdrawn or incomplete claims. And the two figures cover different periods. Both rates are strong by industry standards, and both insurers publish their claims data in full.
Does Partners Life offer health insurance?
Yes. Partners Life offers a full private medical insurance product alongside their life, trauma, income protection, and TPD cover. This allows you to consolidate all your personal risk insurance with one provider. Fidelity Life does not offer health insurance, so you would need a separate insurer for medical cover.
Is Fidelity Life really NZ-owned?
Yes. Fidelity Life is the largest locally owned life insurer in New Zealand. It is backed by the NZ Super Fund (New Zealand's sovereign wealth fund) and Ngai Tahu Holdings (one of the country's largest iwi investment entities). This is a genuine differentiator in a market where most competitors are subsidiaries of overseas parent companies.
Can I switch from one insurer to the other?
Yes, but it should be done carefully. Switching insurers means going through underwriting again, and any health changes since your original application could affect your new policy terms or pricing. It is advisable to have new cover fully in place before cancelling existing cover. A financial adviser can help you compare both options and manage the transition.
Which insurer has better income protection?
Both offer strong income protection products. Fidelity Life's income protection is well-priced, consistent with their lower-premium approach. Partners Life's income protection offers more flexibility in benefit periods, waiting periods, and optional add-ons. If price is the priority, Fidelity Life tends to win. If customisation and breadth of options matter more, Partners Life has the edge.
Are both insurers regulated?
Yes. Both Fidelity Life and Partners Life are regulated by the Reserve Bank of New Zealand as licensed insurers, and both hold A.M. Best financial strength ratings recorded on the RBNZ register of licensed insurers (retrieved 18 August 2026). Both are members of the Insurance Council of New Zealand.
How to Compare Quotes
The best way to decide between Fidelity Life and Partners Life is to see actual pricing for your situation. Premiums vary significantly based on your age, health, occupation, smoking status, and the type and amount of cover you need.
Through QuoteHub, you can compare quotes from both insurers side by side, along with other leading NZ providers. Our licensed financial advisers can explain the differences in product features and help you choose the insurer that best matches your needs and budget.
QuoteHub usually does not charge clients directly for insurance advice and may receive commission from insurers. Our disclosure statement explains our remuneration and provider panel.
Financial advice is provided by Craig Smith Business Services Limited, trading as Smiths Insurance & KiwiSaver, a licensed Financial Advice Provider (FSP712931). QuoteHub is a trading name. The information in this article is general in nature and does not constitute personalised financial advice. Product features, pricing, and claims data are subject to change. Always refer to the relevant insurer's policy documents for full terms and conditions.
References
- Fidelity Life, Claims we've paid customer brochure (1 July 2024 – 30 June 2025)
- riskinfo NZ, Annual claims paid top $245m: Fidelity Life (1 December 2025)
- Partners Life, This is Partners Life 2025 claims brochure (claims assessed 1 April 2024 – 31 March 2025)
- Reserve Bank of New Zealand, Register of licensed insurers (retrieved 18 August 2026)
- Financial Markets Authority (FMA), Insurance guidance
- Sorted.org.nz, Insurance guides
- Insurance & Financial Services Ombudsman (IFSO)
- Insurance Council of New Zealand (ICNZ)
- Cancer Society of New Zealand
- ACC New Zealand, What we cover
- Funerals, Consumer Protection NZ
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