Swiss insurance giant, Zurich Insurance Group, said it has completed the acquisition of the ANZ’s life insurance business OnePath Life.
Zurich is looking at using the acquisition to enter the Australian market where OnePath Life’s portfolio is one of the largest in Australia.
The group is still thirsty for more acquisitions. Zurich said this is the more reason “These acquisitions have been focused on creating leadership positions in chosen market segments in key geographies, including Australia, Argentina, Indonesia and in the U.S.”
The OnePath Life acquisition will give Zurich “20 percent in retail life and 6 percent in the local group life market.”
“Zurich is strengthening its business in Australia and we can now engage with up to 6 million new customers with this acquisition of One Path Life and the access to ANZ’s distribution channels. Asia Pacific is a key region for Zurich and this deal adds further complementary products and additional bancassurance distribution capacity in the region,” said Group Chief Executive Officer Mario Greco. “OnePath Life’s retail business, focused on protection and savings products, is perfectly aligned with our strategy in life insurance and should further add to our strong cash remittances.”
The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange