Rangatira Investments Annual Report 2021 - Report - Page 24
Ran ga tira Annua l R ep or t 2 0 2 1
Investment Date: June 2011
PA R T N E R S L I F E
OWNE R S HI P
Partners Life provides innovative life, disability,
trauma, income protection and medical
insurance to New Zealanders. Partners Life is
now the second largest life insurer in New Zealand, with in-force
market share of 16%.
In December 2020, Partners Life announced that it agreed
to acquire BNZ Life (BNZ’s life insurance business owned
by National Australia Bank) for NZ$290m. The proposed
transaction is currently under review by the Overseas
Investment Office and the Reserve Bank of New Zealand.
Rangatira acquired further shares in the Company’s July 2020
capital raising, alongside Blackstone and other shareholders.
Investment Date: 1971
P O LY N E S I A N S P A
OWNE R S HI P
Polynesian Spa is New Zealand’s leading, award
winning thermal spa and hot pool experience.
Situated on Rotorua’s exclusive lakefront boasting picturesque
views, it has established a worldwide reputation for its
therapeutic waters which are drawn from geothermal natural
As inbound tourists from countries like China and Korea
comprise a large portion of the traditional customer base,
revenues are not expected to return to pre-COVID levels for
some time. The business has been reoriented to provide a
domestically focussed product with reduced hours.
Alongside the Lobb Family, Rangatira’s investment in Polynesian
Spa will celebrate 50 years in FY 2021/22. The company has
outlasted economic and tourism downturns before, and there is
much confidence that Polynesian Spa will be well placed to take
full advantage of the eventual recovery.