Zurich fully acquires Australia’s Life Insurance Business from ANZ.

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Zurich fully acquires Australia’s Life Insurance Business from ANZ.   

Zurich Insurance Group announced that it has finished the takeover of Australia & New Zealand Banking Group Ltd. (ANZ) life insurance companies, making them a significant player for retail clients in the Australian market in the life insurance sector.

The A$ 2.85 billion (US$ 2 billion) agreement to buy OnePath Life, first announced in December 2017, has extended the bank distribution footprint of Zurich by offering access to up to 6 million fresh clients in Australia, the firm said in a weekend journal.

According to Zurich, this purchase will reinforce their approach to pay more attention to savings products that are less capital-intensive.

This development, as confirmed from Zurich, is in line with their policy of merger and acquisition with the objective of having a leading position in appealing markets while releasing funds from non-core activities.

Zurich will have a market share of about 20 percent in retail life and 6 percent in the local group life market as a consequence of this takeover.

ZURICH IS STRENGTHENING ITS BUSINESS IN AUSTRALIA AND WE CAN NOW ENGAGE WITH TO 6 MILLION NEW CUSTOMERS WITH THIS ONEPATH LIFE AND THE ACCESS TO ANZ ‘S CHANNELS DISTRIBUTION, “SAID GROUP CHIEF OFFFICER MARIO GRECO.

ASIA PACIFIC IS FURTHER COMPLEMENTARY PRODUCTS AND ADDITIONAL BANCASSURANCE DISTRIBUTION CAPACITY IN THE REGION, “HE ADDED. “ONEPATH LIFE’S RETAIL BUSINESS, FOCUSED ON PROTECTION AND SAVING PRODUCTS, IS PERFECTLY ALIGNED WITH OUR STRATEGY IN LIFE INSURANCE AND SHOULD FURTHER ADD TO OUR STRONG CASH REMITTANCES.”


As part of the transaction, a 20-year arrangement with ANZ to distribute life insurance goods through bank channels will expand the current autonomous financial advisor (IFA) and bank distribution channels in Australia.

This collaboration arrangement strengthens the company of Zurich by providing it access to the client base served by ANZ through more than 630 branches and extra capacities in autonomous channels of distribution.

Since Zurich set out its three-year strategic plan in November 2016, Zurich said it made important strides in enhancing the general company mix and reinforced its focus on customers.

Zurich has asserted over the previous few years that it has released assets by exiting a number of non-core companies while reinvesting in a series of bolt-on acquisitions.

These purchases concentrated on establishing management positions in selected market segments in important geographies, including Australia, Argentina, Indonesia and the United States. We are a team of enthusiastic entrepreneurs here to provide you with all the data you need to understand about the insurance industry. To find out how you and your insurance blog can be featured here, read our “About Us” section.

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