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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.  Further information about Zurich Financial Services Australia is available at www.zurich.com.au.
 

Zurich Insurance Group (Zurich) is a leading multi-line insurer serving people and businesses in more than 200 countries and territories. Founded 150 years ago, Zurich is transforming insurance. In addition to providing insurance protection, Zurich is increasingly offering prevention services such as those that promote wellbeing and enhance climate resilience.

Reflecting its purpose to ‘create a brighter future together’, Zurich aspires to be one of the most responsible and impactful businesses in the world. It is targeting net-zero emissions by 2050 and has the highest-possible ESG rating from MSCI. In 2020, Zurich launched the Zurich Forest project to support reforestation and biodiversity restoration in Brazil.

The Group has about 60,000 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.