Zurich finalises OnePath acquisition

Zurich has completed its acquisition of ANZ's life insurance business OnePath.

More than 500 employees nationwide have joined the Zurich Life and Investments team.

It also marks the commencement of a 20-year distribution agreement via ANZ's bank channels.

Zurich flagged it intends to invest further in the OnePath brand and OneCare life insurance offerings.

Both the Zurich and OnePath brands and product sets will continue to compete with - and complement - each other in the open market, it said.

Group chief executive Mario Greco expects to engage with up to six million new customers with the acquisition.

"Asia Pacific is a key region for Zurich and this deal adds further complementary products and additional bancassurance distribution capacity in the region," he said.

The banking group offloaded its life insurance arm for $2.85 billion in late 2017. At completion, Zurich owns 100% of One Path Life Australia Holdings (OPL).

Six months later, ANZ agreed to sell its OnePath Life New Zealand business to US-based global insurer Cigna Corporation for NZ$700 million.

Zurich Life and Investments chief executive Tim Bailey said that the life insurer's "multi-proposition strategy" would allow customers and advisers to benefit from the choices offered by two specialist life insurance brands.

Zurich and OnePath share a longstanding Australian heritage, with strong brands that are well supported by advisers and customers, he said.

Read more: ZurichOnePathANZCigna Corporation forMario GrecoTim Bailey
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