ANZ completes sale of life insurance to Zurich

Company News

by Anna Napoli

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$28.680 $0.438 1.55%
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Last Updated: 19/06/2019 3:28 PM

ANZ (ASX:ANZ) has today announced it has completed the sale of its Australian life insurance business, OnePath Life, to Zurich Financial Services Australia, originally announced in December 2017.

The completion of the sale marks the start of a 20-year agreement for Zurich to provide life insurance products to relevant ANZ customers through the bank’s channels.

ANZ Group Executive Wealth, Alexis George says the completion of this sale demonstrates a significant step in ANZ's strategy to simplify its business while also providing ongoing support for customers who want protection with life insurance solutions.

From today, more than 500 former ANZ staff members have joined Zurich as part of the transaction.

Shares in ANZ (ASX:ANZ) are trading 0.82 per cent lower at $27.65.
 

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.