Proposed transfer of the life insurance business of OnePath Life Limited to Zurich Australia Limited

2nd May 2022

 

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 company provides life insurance to more than 1.5 million Australian customers under both the Zurich and OnePath Life brands.  This includes insurance sold through financial advisers (retail), through superannuation (Group) and via direct-to-consumer channels. 

Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With about 56,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 210 countries and territories. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, 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 about Zurich is available at www.zurich.com.