Proposed transfer of the life insurance business of OnePath Life Limited to Zurich Australia Limited
OnePath Life Limited (OnePath Life) and Zurich Australia Limited (Zurich) announce their intention to make a joint application to the Federal Court of Australia (the Court) seeking confirmation of a scheme (the Scheme) under Part 9 of the Life Insurance Act 1995 (Cth) to transfer the life insurance business of OnePath Life to Zurich. The confirmation hearing is scheduled for 6 July 2022, or such other date as the Court determines. It is intended that the proposed transfer take effect on 1 August 2022.
Should the Scheme be confirmed, OnePath Life policies will be treated as if they had been issued and administered by Zurich rather than OnePath Life. OPL will, however, retain assets to meet regulatory capital requirements.
Three years ago, OnePath Life became part of the Zurich group. The proposed transfer is a key milestone and the final step in the process of formally bringing together the businesses of our two Australian life insurers. This consolidation will also assist us in managing our regulatory requirements more efficiently and simplify financial, operational and administrative processes.
For further information, and to access the Scheme documents, visit www.zurich.com.au/scheme
Zurich Financial Services Australia is a life insurance, commercial insurance and investments specialist that has been participating in the Australian market since 1920. Since its acquisition of OnePath Life from ANZ in 2019, the organisation provides life insurance to more than 1.5 million Australian customers under both the Zurich and OnePath Life brands. Further information about Zurich Financial Services Australia is available at www.zurich.com.au.
Zurich Insurance Group (Zurich) is a leading global multi-line insurer founded more than 150 years ago, which has grown into a business serving more than 82 million customers in more than 200 countries and territories, while delivering industry-leading total shareholder returns. Reflecting its purpose to ‘create a brighter future together,’ Zurich offers protection services that go beyond traditional insurance, to support its customers in building resilience. Since 2020, the Zurich Forest project supports reforestation and biodiversity restoration in Brazil’s Atlantic Forest. The Group has more than 65,000 employees and is headquartered in Zurich, Switzerland. Zurich Insurance Group Ltd (ZURN) is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information is available at www.zurich.com.