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New Zealand Home Loans - Statement from Sovereign

22 March 2206

New Zealand Home Loans - Statement from Sovereign

Sovereign has a strong and positive relationship with New Zealand Home Loans (NZHL), and both parties are committed to this continuing following the purchase by Kiwibank of an equity stake in NZHL.

NZHL have given us strong assurances that the existing NZHL home loan mortgage customers will not be moved to Kiwibank. As a consequence the equity position taken by Kiwibank will have no immediate impact on Sovereign’s existing home loan relationship with NZHL. Sovereign will continue to support NZHL and existing home loan customers.

While Kiwibank’s equity investment will clearly see a reduction in the level of new loan volume NZHL places with Sovereign, we are in a strong business growth phase. We anticipate our volumes and market share will continue to grow across a diverse range of advisers.

Sovereign’s risk product relationship with NZHL is not impacted by this purchase.

Sovereign has enjoyed a long-term partnership with NZHL and we are proud of the part we have played in their development into a successful business. We see the Kiwibank relationship as a logical step for them and wish them all the best for the future.

Sovereign is New Zealand's largest life insurer and non-bank home mortgage lender.

ENDS

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