Zurich Financial Services Australia will purchase ANZ’s OnePath insurance subsidiary, making it the largest retail life company in the country.
Zurich’s parent company has made a statement to the Swiss Stock Exchange announcing it will acquire ANZ’s life and consumer credit business for $2.85 billion.
The announcement follows the sale of ANZ's pension and investments business to IOOF in October 2017 for $975 million.
The sale of OnePath will see a 20-year distribution arrangement whereby Zurich will distribute insurance products through the ANZ bank channels and also IOOF’s financial advice network.
IOOF recently announced it will acquire ANZ’s financial advice licensee and superannuation businesses, leaving only the life insurance assets within the OnePath stable.
“In Australia, this acquisition will enhance our scale and capability across the retail, group and direct segments, and opens up important new distribution channels for us,” said Zurich life and investments chief executive Tim Bailey.
“Securing a long-term partnership with one of Australia’s largest banks and an opportunity to establish a strategic alliance with the second largest advice business in the market will provide us a fantastic base for continued growth and reflects our ongoing belief in, and commitment to, the value of financial advice.”
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