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.
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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.