Zurich completes acquisition of ANZ’s life insurance business

03 June 2019

 

  • Sees creation of #1 IFA channel life insurer and #5 Group life insurer
  • 20 year distribution partnership with ANZ

Zurich’s acquisition of ANZ’s life insurance business, OnePath Life, is now officially complete.

The completion of the sale sees Zurich acquire the OnePath brand and product range, along with more than 500 employees who have joined the Zurich Life and Investments team across Australia. It also marks the commencement of a 20 year agreement for the distribution of life insurance through ANZ’s bank channels.

As has been confirmed, Zurich intends to invest further in the OnePath brand and OneCare life insurance offering, and both the Zurich and OnePath brands and product sets will continue to compete with - and complement – each other in the open market.

CEO of Zurich Life & Investments, Mr Tim Bailey, said that this ‘multi proposition’ strategy would allow both customers and advisers to benefit from the breadth of choice offered by two specialist life insurance brands.

“We’re delighted to see the OnePath Life and Zurich teams come together to create one of Australia’s leading life insurers”, said Mr Bailey.

“Both Zurich and OnePath share a longstanding Australian heritage, with strong brands that are well supported by advisers and customers”.

Bailey sees continued investment in both the Zurich and OnePath offerings as crucial at a time when advisers are demanding more choice and more innovative ways to meet their clients’ protection needs.

As medical treatments improve and the working age extends, more and more Australians are living through serious health conditions, fundamentally changing their need for life cover. With advisers and clients are looking for new solutions to meet their needs, the standalone and complementary strengths of the Zurich and OnePath offerings are well placed to lead this evolution.

“Both Zurich and OnePath are known for their innovation and advisers can expect to see that continue with updated product and service offerings to be rolled out by both brands during 2019”, said Mr Bailey.

The acquisition also sees a new combined leadership team take effect, comprising senior members from the previous Zurich and ANZ/OnePath teams.

“We have been able to assemble a team of leaders who are amongst the most talented and respected in the industry, and I think the balance of the team sends a powerful signal about our intention and capability to execute our multi proposition strategy”, Mr Bailey said.

From a practical perspective, advisers and customers should expect to notice little, if any, change as a result of the acquisition, with the dedicated infrastructure of both businesses remaining in place.

“Advisers don’t want any further disruption, and with each brand continuing to be supported by dedicated teams, they will see no change in processes, relationships, or contact details“, said Mr Bailey.

 

ENDS


For media enquiries contact:


Adam Siddique

Head of Public & External Affairs
+61 407 473 630

media@zurich.com.au

 

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.