Cigna Acquires OnePath Life From ANZ Bank New Zealand
ANZ Bank New Zealand in June 2018 announced that Cigna will acquire OnePath Life for NZ$700 million. According to ANZ, the transaction is made at a “slight premium to embedded value and is expected to generate a gain on sale of around NZ$50 million.”
The agreement also includes a 20-year partnership whereby Cigna will provide insurance policies for ANZ bank customers.
ANZ said it intends for all staff involved in the NZ life business to be offered “similar roles” either at Cigna or ANZ.
ANZ sold its Australian OnePath Life operations to Zurich late last year, making the latter Australia’s largest retail life insurer.