Australia and New Zealand Banking Group
(ASX:ANZ) has agreed to sell its New Zealand OnePath Life medical insurance book to nib NZ Limited.
OnePath Life holds approximately 20,000 medical insurance policies covering 44,000 people.
ANZ has advised that there will be no change to existing policies and nib will honour all current terms and conditions.
ANZ Wealth New Zealand Managing Director John Body highlighted medical insurance is a specialist business. Mr Body said the sale will enable ANZ to focus on its core life insurance business with minimal impact on existing policy holders.
Australia and New Zealand Banking Group recorded a net profit of $3.51 billion at 31 March 2015.
