New Zealand's Tower sells rest of life business

WELLINGTON, July 1 Mon Jun 30, 2014 4:53pm EDT

WELLINGTON, July 1 (Reuters) - New Zealand insurance company Tower Ltd said on Tuesday it had sold its remaining life insurance business to a private company, Foundation Life Holdings Ltd, for NZ$36 million ($31.5 million).

In January, Tower, which has been restructuring to concentrate on its general insurance business, said it expected to hold onto its remaining life business after selling most of it to Fidelity Life Assurance Company Ltd for about NZ$189 million.

However, it said Foundation had come to it with a proposition reflecting the business's value and Tower would now have a new focus limited to general insurance.

($1 = 1.1423 New Zealand Dollars) (Gyles Beckford; Editing by Larry King)