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