Australian and New Zealand Banking Group’s (ANZ’s) New Zealand unit has agreed to sell OnePath Life NZ Limited for NZ$700 million to specialist insurance business Cigna Corporation.
The sale also included a 20-year strategic alliance for Cigna to provide insurance solutions for ANZ bank customers and was consistent with ANZ’s strategy of simplifying its business, ANZ New Zealand CEO David Hisco said.
“Under this agreement, ANZ will continue to provide life insurance to our customers but these insurance policies will now be manufactured and managed by a world-class insurance provider in Cigna,” he said.
“This is consistent with how we provide motor vehicle, home, commercial and travel insurance using a range of specialist insurance partners.”
OnePath Life said its policyholders in New Zealand would continue to receive the cover they hold under the terms of their policies and it is intended all staff involved would be offered similar roles with Cigna or ANZ.
Cigna New Zealand CEO Gail Costa said the acquisition and strategic alliance diversified the company’s distribution capabilities.
“This acquisition will enable us to provide broader solutions and be more agile and responsive to a larger customer base,” she said.