Add CategoryANZ Banking Group has agreed to sell its life and consumer credit insurance business OnePath Life to international insurance giant Zurich for $2.85 billion.
The takeover, which is subject to regulatory and other approvals, will result in Zurich becoming Australia's largest retail life insurer as measured by inforce premium with more than 1.5 million customers, ANZ said in a statement on Tuesday.
The announcement follows ANZ's decision to sell its OnePath pensions and investments business and aligned dealer groups business to IOOF Holdings Limited in October for $975 million.
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