ANZ Bank (ASX:ANZ) has announced the sale of OnePath Life NZ to New Zealand insurance specialist, Cigna Corp for NZ$700 million.
The bank is expecting a gain of around NZ$50 million from the sale.
Cigna is global health service company with 95 million customers around the world.
The company says the sale includes a 20-year strategic alliance for Cigna to provide insurance solutions to for ANZ bank customers.
Shares in ANZ (ASX:ANZ) are trading 1.05 per cent lower to $27.43