New Zealand-based DCG Invest has finalised its purchase of Momentum Life Limited from Australia’s Blue Inc Group Pty Limited, adding another insurance brand to its financial services holdings.
Momentum Life operates under a New Zealand life insurance licence and sells policies directly to consumers.
DCG Invest said it intends to retain the insurer’s existing brand while developing new ways to meet the needs of its policyholders.
DCG Invest director Greg Main said the transaction will allow the company to build on Momentum Life’s current products while keeping a focus on the everyday insurance requirements of New Zealand residents.
“We are excited to welcome Momentum Life into the DCG Invest family. We look forward to building on the company’s strong foundation and to continue delivering high-quality life insurance solutions tailored to the needs of everyday New Zealanders,” he said.
The deal comes at a time when the life insurance industry is projected to expand steadily.
Research from GlobalData estimates the market will grow from $5.9 billion in gross written premiums (GWP) in 2024 to $8.3 billion by 2029, an average annual growth rate of 7%.
This growth is expected to be driven by strong demand for whole-life products and personal accident and health (PA&H) cover, alongside increased awareness of the role of financial protection.
GlobalData forecasts GWP to reach $6.4 billion in 2025, up 8.2% year-on-year, supported by factors including population ageing, rising healthcare expenses, and ongoing household concerns over economic pressures.
A GDP increase of 2% in 2025 is also expected to contribute to sector performance.
PA&H cover remains the largest share of the market, representing 65.3% of GWP in 2024. Premium costs in this category are projected to rise by 10% to 15% in 2024, with an average annual growth rate of 6.9% through 2029.
Term life insurance, which made up 27.8% of premiums in 2024, is forecast to expand at 6.4% annually. These policies are often linked to mortgage or personal loan repayments.
Whole-life cover accounted for 3.8% of the market last year but has grown at a rate of 19.2% between 2020 and 2024. It is forecast to rise by 8% annually over the next five years, reflecting longer life expectancy and an increase in the population aged 65 and over.
With life insurance penetration at 1.3% in 2023, New Zealand remains below many Asia-Pacific markets such as Singapore, Japan, and South Korea.
GlobalData suggests that more affordable product design and greater use of digital channels could address underinsurance concerns.
Fitch Ratings expects the Asia-Pacific life insurance market overall to remain stable in 2025, although it has warned of operational and market headwinds in some economies, including China and Taiwan.
