Zurich has announced an agreement to acquire ANZ’s life and consumer credit insurance business (OnePath Life).
Upon completion, Zurich would become Australia’s largest retail life insurer as well as a leading provider of group life, direct life and consumer credit insurance solutions.
The sale process, which is subject to approvals, is expected to take up to 12 months.
During this period both businesses will continue to operate as they do now, meaning no change for customers or advisers.
We are excited about the opportunity to bring our award-winning value for money, customer service excellence and exemplary claims track record to even more individuals, families and small businesses around Australia.
Zurich at a glance
Who is Zurich?
Zurich Financial Services Australia Limited (Zurich) is part of the worldwide Zurich Insurance Group, a global insurance specialist founded in 1872 and employing more than 54,000 people in 210 countries and territories. Our Australian heritage dates back to 1921
Our global strength gives our customers the peace of mind that we will be there for them when it matters the most – claim time.
Why did Zurich acquire OnePath Life?
Acquiring OnePath Life will continue our record of strong growth and underscores our commitment to being one of Australia’s leading life insurers.
It follows our recent acquisitions of Macquarie’s life insurance business and the Cover-More Group.
These acquisitions demonstrate our commitment to providing quality products, value for money and exceptional customer service.
Building on this existing strength will allow us to invest in new ways to make life insurance more relevant, more engaging and more accessible to Australians.
Is Zurich financially strong?
Zurich is part of a financially strong global insurance Group. Our ultimate parent company, Zurich Insurance Group Ltd is listed on the Swiss Stock exchange and has a market value of more than $50 billion AUD. We are financially very strong, giving our customers the confidence we will be there when we are needed.
Will there be any changes to my policy?
Completing the acquisition of OnePath Life is expected to take up to 12 months. Until then, Zurich and OnePath Life will continue to operate independently, with no change to your insurance contacts or processes as a result of today’s announcement.
The OnePath brand and product range has a long-standing heritage and respected reputation and will remain core to Zurich’s long-term strategy. There are no plans to change the OnePath Life product range, or Zurich’s existing Wealth Protection offering.
Do I need to do anything as a result of this proposal?
No action is needed by customers or financial advisers.
What about applications and claims already underway?
Both businesses will continue to operate unchanged until the sale is completed. This is expected to be in late 2018.
This means all relationships, processes and contact details will remain the same.
Applications for new policies and the processing of claims will continue to be handled in the same way – and by the same teams – as they are now. Zurich and OnePath Life customers will continue to experience the same exceptional levels of service they are accustomed to.
Who can I discuss my OnePath Life policy with?
In the first instance, your adviser is available to discuss any aspect of your policy. OnePath Life customers with queries about their policies can speak to a OnePath consultant on 133 667.
1Canstar Outstanding value in life insurance awards 2017.
2AFA/Beddoes Consumer Choice Awards November 2017.
3Zurich was highest ranked life insurer in AMR Corporate Reputation Index April 2017