December 18, 2017
December 18, 2017 | Adviser News
Finishing the year on a high.
To say 2017 has been a tumultuous year would be an understatement by anyone’s standards, but here at Zurich we wanted to finish the year on a high.
Many of you will have heard the exciting news that last week we entered into a bold new chapter in Zurich’s Australian Life & Investments history, announcing our intention to acquire ANZ’s OnePath Life business.
This transaction underscores the commitment of the Zurich Group to the Australian market, and builds on our recent acquisitions of Macquarie’s life insurance business and the Cover-More Group.
More importantly, it reinforces our steadfast commitment to, and belief in, financial advisers.
While the sale is subject to regulatory approvals, we anticipate that it will be complete in late 2018 and will see two true insurance specialists come together to create Australia’s largest and strongest retail life insurer.
It’s been really heartening to have received so much positive feedback from the adviser community since we made the announcement last week. OnePath Life is a blue-chip life insurance brand with a long heritage in the Australian market and a highly experienced team, and there seems to be a strong feeling within the profession that we’ve found the perfect alignment with Zurich on all these counts.
This is a truly exciting prospect for advisers, our customers and our people as we now have the opportunity to invest in new ways to make life insurance more relevant, more engaging and more accessible to Australians. I’m looking forward to seeing what the future holds.
Needless to say however, Zurich’s focus in the short-term will not waver. Our team will continue to provide the exceptional levels of service that you and your clients have come to expect and deserve, particularly as the industry heads into a period of change and uncertainty in 2018 with the 1 January LIF changes and Royal Commission into the banking sector.
The latter has, unsurprisingly, caused quite a bit noise over the past few weeks. However, I prefer to look on the brighter side of life and welcome the certainty that the government’s announcement has now provided for the industry. It will be a short inquiry in comparison to many in recent years and while the terms of reference have not yet been finalised, I am confident the life insurance industry will give a good account of itself, should it even be called into the spotlight. Ongoing scrutiny is a fact of life in our sector, and more transparency will hopefully allow more people to understand the value we bring to the community and help build more stakeholder trust in financial services generally.
For now, I think it’s time we all took a well-deserved break over the summer holidays and focus on the most important things in life – our friends, family and those we truly love.
I hope you enjoy this last edition of adviser news for 2017, and look forward to catching up with you early in 2018 for the even bigger, brighter and bolder year ahead.