Youi is withdrawing from New Zealand’s insurance market after a tough five years in which growth wilted, arguing it can focus more on becoming an Australian household brand.
Youi’s portfolio of 34,000 New Zealand insurance policies is being offloaded to Auckland-based Tower for $NZ13 million ($12 million), in a deal announced on Tuesday.
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Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane. Email Liam at liam.walsh@afr.com.au
