5 August 2022
SYDNEY, Australia – Zurich Australia Limited (Zurich) announced that it had finalised the transfer and integration of the life insurance business of OnePath Life Limited (OnePath Life).
In July 2022, the Federal Court of Australia confirmed the Scheme for the transfer of the business to Zurich, under Part 9 of the Life Insurance Act 1995 (Cth).
The completion transfers OnePath Life’s assets and liabilities, including all life insurance policies issued by OnePath Life, to Zurich from 1 August 2022. OnePath Life will, however, continue to retain assets to meet regulatory capital requirements.
OnePath Life policies are now treated as if they had been issued and administered by Zurich rather than OnePath Life. For OnePath Life policy owners – other than a change to the insurer and statutory fund to which it is referable – these policies continue to operate and be administered in the same way.
Zurich remains committed to retaining the OnePath brand, continuing a proud heritage of insuring and protecting Australians.