Zurich has expanded its existing adviser and bank distribution channels in Australia following its acquisition of ANZ Bank’s OnePath Life.
As part of the agreement, Zurich has secured a 20-year distribution arrangement that will see its products made available through ANZ’s bank channels.
The Swiss insurer said it will have a market share of more than 20% in retail life and 6% in the local group life market.
The deal was first announced in December 2017 and saw OnePath sold for A$2.85bn (£1.6bn, $2bn, €1.8bn).
At the time, it was reported that the final payment would be made at the end of 2018.
International Adviser has reached out to Zurich for details about why there appears to have been a six-month delay in completing the sale.
Six million customers
The expanded distribution footprint brings Zurich greater access to ANZ’s customer base.
Group chief executive Mario Greco said: “Zurich is strengthening its business in Australia and we can now engage with up to six million new customers with this acquisition of OnePath 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.”
Greco added that OnePath’s retail business is “perfectly aligned with our strategy is life insurance and should further add to our strong cash remittances”.