Asteron Life Insurance Review 2026

Asteron Life New Zealand Insurance

Asteron Life Limited is one of New Zealand's long-established life insurers, with more than 140 years of corporate lineage tracing through Royal & SunAlliance. Asteron Life is a subsidiary of Resolution Life Group, a global specialist in life insurance. The company distributes its products exclusively through independent financial advisers and offers a broad range of personal and business risk insurance, including life insurance, trauma cover, income protection, workability insurance, and mortgage protection.

About Asteron Life in New Zealand

Asteron Life's history in New Zealand spans more than 140 years, though the company has operated under several names during that time. It was previously known as Royal and Sun Alliance before adopting the Asteron Life name. Resolution Life agreed to acquire Asteron Life from Suncorp in April 2024, following Suncorp's strategic decision to focus on general insurance. Resolution Life is a global specialist in acquiring and managing in-force life insurance portfolios.

A proposed acquisition of Resolution Life by Nippon Life Insurance Company, one of Japan's largest life insurance companies and a subsidiary of Dai-ichi Life Holdings, has been reported. The current status of this transaction should be confirmed with Asteron Life directly.

Asteron Life is distinctive in the New Zealand market as the underwriter of AA Life insurance, a product distributed through the New Zealand Automobile Association (AA). Customers who hold an AA Life policy are insured under Asteron Life's underwriting.

Asteron Life holds a 10.6% market share of the New Zealand life insurance market as of the third quarter of 2024, and serves more than 200,000 New Zealand customers.

Financial Strength, Regulation, and Claims

Asteron Life operates as a licensed insurer under the Insurance (Prudential Supervision) Act 2010 (IPSA), administered by the Reserve Bank of New Zealand (RBNZ). The company is also subject to the Financial Markets Conduct Act 2013 (FMCA) and is a member of the Insurance and Financial Services Ombudsman (IFSO) Scheme, providing policyholders with access to a free and independent dispute resolution process.

Asteron Life Limited holds an A+ (Strong) financial strength rating from Fitch Australia Pty Ltd, an approved ratings agency. This rating is subject to periodic review; the current rating should be confirmed with Asteron Life or through a licensed financial adviser.

Claims

In FY25, Asteron Life paid $117.9 million in claims to its New Zealand customers, with acceptance rates among the highest in the industry: 99.90% for life claims, 97.84% for trauma claims, 95.61% for income protection claims, and 97.78% combined. Of that total: $46.6 million in life insurance claims, $43.7 million in trauma claims, and $27.6 million in income protection claims (source: Asteron Life FY25 Claims Infographic Report).

Asteron Life's 99.90% life claim acceptance rate is one of the highest published by any New Zealand life insurer.

Awards and Recognition

Asteron Life has received recognition through New Zealand life insurance industry award programmes, including Life Insurance Company of the Year in 2024, as well as in 2023, 2021, and 2013. Award issuer and criteria should be confirmed for each year.

Asteron Life Products at a Glance

Asteron Life Products Available through CompareNow

Life Insurance

Asteron Life's life insurance pays a lump sum if the insured passes away or receives a terminal illness diagnosis with a life expectancy of less than 12 months. The lump sum can be used to repay mortgage debt, provide an income stream for surviving dependants, cover children's education costs, or meet any other financial obligation nominated by the insured. In FY25, Asteron Life accepted 99.90% of all life claims.

Trauma Recovery Cover

Asteron Life's Trauma Recovery Cover pays a lump sum if the insured is diagnosed with one of the conditions specified in the policy. Common trigger conditions include cancer, heart attack, and stroke. The benefit amount is available at the insured's discretion, including for private medical treatment not covered by health insurance, debt repayment, home modifications, or supplementing income during recovery. In FY25, Asteron Life paid $43.7 million in trauma claims at a 97.84% acceptance rate.

Loss of Earnings (Income Protection)

Asteron Life's income protection product, branded as Loss of Earnings, pays a regular monthly benefit if the insured is unable to work due to illness or injury. The benefit replaces a significant portion of pre-disability income and can continue until the insured returns to work or reaches the nominated payment term, which can extend to age 70. In FY25, Asteron Life's income protection claim acceptance rate was 95.61%.

Mortgage and Living Insurance

Asteron Life's Mortgage and Living Insurance provides a regular monthly payment if the insured is unable to work in their usual occupation due to illness or injury. The benefit is designed to cover mortgage or rent repayments, preventing a forced sale of the family home during a period of disability. The benefit period can extend to age 65, and an optional redundancy and bankruptcy benefit is available.

Business Disability Cover

Asteron Life's Business Disability Cover provides a monthly income replacement benefit for business owners who are unable to work due to illness or injury. Unlike personal income protection, which is designed for employees, Business Disability Cover is structured to reflect the income arrangements of self-employed people and business owners, including those whose income fluctuates or is drawn as a combination of salary and drawings. A licensed adviser can help structure the benefit level and waiting period to reflect the business owner's actual income and the time the business could sustain itself without their contribution.

Business Expenses Cover

Asteron Life's Business Expenses Cover pays a monthly benefit toward a business's fixed overhead costs if the insured owner becomes unable to work due to illness or injury. Eligible expenses typically include commercial rent, loan repayments, equipment leases, and the cost of employing replacement staff or contractors. Business Expenses Cover is designed to keep a practice or small business financially viable during the owner's absence, reducing the risk of permanent closure. The cover is particularly relevant for sole practitioners, medical professionals, and tradespeople whose business income depends directly on their personal ability to work.

Farmers Disability Cover

Asteron Life's Farmers Disability Cover is designed for primary producers, providing an income replacement benefit tailored to the irregular and seasonal nature of farming income. The product recognises that ACC cover for the self-employed may not reflect farming income accurately, and that a farm may continue to generate costs during a period of owner disability while revenue falls. A specialist rural adviser can structure benefit levels and waiting periods appropriate to the farm's income profile and any existing ACC entitlements.

Employee Insurance (Group Cover)

Asteron Life offers group life and disability insurance solutions for employers who wish to provide insurance cover as part of an employee benefits package. Asteron Life Employee Insurance can include group life cover, group disability cover, and other benefits arranged on a group basis through the employer. Group cover can simplify access to insurance for employees who might face difficulty obtaining cover individually, and allows premiums to be managed centrally. Employee Insurance is available through financial advisers who specialise in employee benefits and workplace insurance.

How Asteron Life Compares with Other New Zealand Insurers

Asteron Life's FY25 life claim acceptance rate of 99.90% is among the highest published by any NZ insurer. Its product range extends to specialist covers including farmers disability, workability, and group employee insurance, giving it comparable product depth to Partners Life.

Unlike AIA, Asteron Life does not offer a wellness programme equivalent to AIA Vitality. Unlike Fidelity Life, Asteron Life is not New Zealand-owned. Asteron Life's underwriting of AA Life products is a distinctive distribution characteristic unique to Asteron Life in the NZ market.

CompareNow works with Asteron Life and other leading NZ insurers to enable side-by-side comparison across cover types, premiums, and policy terms.

Frequently Asked Questions about Asteron Life

Who owns Asteron Life?

Asteron Life Limited is a subsidiary of Resolution Life Group, which agreed to acquire Asteron Life from Suncorp in April 2024. A proposed further transaction involving Nippon Life Insurance Company may be in progress; confirm the current ownership structure with Asteron Life directly.

What is Asteron Life's financial strength rating?

Asteron Life Limited holds an A+ (Strong) financial strength rating from Fitch Australia Pty Ltd, an approved ratings agency. An A+ (Strong) rating indicates a strong capacity to meet policyholder and contractual obligations.

How does Asteron Life handle claims?

In FY25, Asteron Life paid $117.9 million in claims to New Zealand customers, with a combined acceptance rate of 97.78%. Life claims were accepted at 99.90%, trauma at 97.84%, and income protection at 95.61%.

Is AA Life the same as Asteron Life?

AA Life insurance products sold through the New Zealand Automobile Association are underwritten by Asteron Life. Customers who hold an AA Life policy are insured under Asteron Life's underwriting. The AA Life brand is the distribution channel; Asteron Life is the underwriting insurer.

Can I buy Asteron Life cover directly?

Asteron Life products are distributed exclusively through licensed financial advisers. CompareNow advisers can compare Asteron Life products alongside other NZ insurers and manage the application process on your behalf.

What is the difference between Loss of Earnings and Income Protection?

Asteron Life uses the product name Loss of Earnings for what is commonly called income protection insurance. The product pays a monthly benefit when the insured is unable to earn due to illness or injury.

How does Asteron Life compare with AIA or Partners Life?

Asteron Life, AIA, and Partners Life are all major NZ life insurers using adviser-only distribution. Key differences include product breadth, wellness programmes (AIA Vitality is unique to AIA), ownership, and pricing. A CompareNow adviser can compare specific options for your situation.

Get Asteron Life Cover through CompareNow

CompareNow helps New Zealanders compare life insurance, trauma cover, income protection, and mortgage protection from Asteron Life and other leading NZ providers, side by side. A licensed CompareNow adviser will identify the most appropriate cover for your situation, at no cost to you.

To get started, use the CompareNow quote tool or call 0800 25 99 25.