From 1 October, Macquarie’s FutureWise, Active and Sumo policies will be offered alongside Zurich’s existing wealth protection product range.
Macquarie Life’s staff will also transfer to Zurich, significantly expanding its sales and services capacity. Zurich’s customer base will reportedly grow 60% as a result of the acquisition.
Financial details of the transaction were not disclosed.
The sale was first announced in March 2016, with Macquarie’s head of Banking and Financial Services, Greg Ward, saying at the time: “The sale of the business reflects the need for significant scale in the capital intensive life insurance industry in order to drive appropriate returns.”
Tim Bailey, chief executive of Zurich’s Life and Investments business in Australia, said the court approval marked a major milestone for Zurich’s Australian business: “This acquisition sees the coming together of two businesses which share a track record of customer service excellence and a commitment to the retail advice sector.
“The opportunity to add to our product set – particularly the innovative Active and Sumo offerings– is also an exciting one, broadening the range of solutions that are backed by our global brand strength.”