Zurich Australia has announced a shake-up to its life insurance and investment business which sees a key senior management position made redundant.

Under the restructure, the position of executive general manager, investments will no longer exist, a role held by Matthew Drennan since last year.

Zurich said senior management is working with Drennan to "explore other opportunities" within the group.

"Matthew has developed a very talented pool of investment expertise within the business, and in doing so Zurich is in an extremely strong position for continued success," said Colin Morgan, chief executive, Zurich Life and Investment business.

The changes also see Philip Kewin promoted to the position of general manager, retail and life investments.

 "These changes will allow us to accelerate our transition from a product manufacturing focused organisation to a genuinely customer driven provider of innovative financial solutions," said Morgan.

"Bringing together our operational and sales teams not only gives us the opportunity to get closer to the customer, but also allows us to better harness the talent spread throughout the business."

Morgan said Zurich is dedicated to continued growth in Asia Pacific, as shown by recent acquisitions in the region.

"Our Australian operation has recorded strong growth, particularly over the last couple of years, and these changes will leave us better placed to extend that growth and continue to be a major contributor to Zurich's strong regional performance," he added.

The changes will come into effect on March 1.