ANZ offloads life insurance
ANZ has sold its Australian life insurance business for $2.85 billion.
The bank offloaded its OnePath Life business to global giant Zurich, reducing ANZ's staff count by more than 500 as employees transfer to Zurich.
The deal allows ANZ to continue providing life insurance products through various bank channels, though they will actually be supplied by Zurich.
“The completion of this sale demonstrates a significant step in our strategy to simplify ANZ while also providing ongoing support for our customers who want protection with life insurance solutions,” ANZ wealth executive Alexis George said.
“Importantly, current ANZ and OnePath life insurance customers will continue to receive the same high quality service and solutions from Zurich, a global insurer with a strong track record of service and innovation.”