{"id":41023,"date":"2018-05-30T11:15:34","date_gmt":"2018-05-30T01:15:34","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=41023"},"modified":"2018-06-06T07:27:57","modified_gmt":"2018-06-05T21:27:57","slug":"anz-to-sell-onepath-business-in-new-zealand","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2018\/05\/30\/anz-to-sell-onepath-business-in-new-zealand\/","title":{"rendered":"ANZ To Sell OnePath Business in New Zealand"},"content":{"rendered":"<p>ANZ New Zealand has announced the sale of OnePath Life NZ to specialist insurance provider Cigna Corporation for NZ$700 million.<!--more--><\/p>\n<figure id=\"attachment_41025\" aria-describedby=\"caption-attachment-41025\" style=\"width: 150px\" class=\"wp-caption alignright\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2018\/05\/David-Hisco-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-41025\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2018\/05\/David-Hisco-1.jpg\" alt=\"\" width=\"150\" height=\"181\" \/><\/a><figcaption id=\"caption-attachment-41025\" class=\"wp-caption-text\">ANZ New Zealand CEO, David Hisco<\/figcaption><\/figure>\n<p>OnePath Life policyholders in New Zealand will continue to receive the cover they hold under the terms of their policies, according to a statement released by the bank, which added that OnePath Life staff would be\u00a0offered similar roles with Cigna or ANZ, and the investment management business of the latter was not part of the sale.<\/p>\n<p>ANZ New Zealand Chief Executive, <strong>David Hisco\u00a0<\/strong>said a 20-year strategic alliance where Cigna will provide insurance solutions for ANZ bank customers was included in the sale agreement.<\/p>\n<p>\u201cUnder this agreement, ANZ will continue to provide life insurance to our customers but these insurance policies will now be manufactured and managed by a world-class insurance provider in Cigna,\u201d Hisco said.<\/p>\n<p>\u201cThis is consistent with how we provide motor vehicle, home, commercial and travel insurance using a range of specialist insurance partners,\u201d he added.<\/p>\n<p>The transaction represents a slight premium to embedded value and is expected to generate a gain on sale of around NZ$50 million, increasing ANZ Group\u2019s Level 1 and Level 2 CET1 ratios by ~5 basis points and ~15 basis points respectively.<\/p>\n<p>Cigna has been in operation in New Zealanders for a century and offers\u00a0insurance products online via direct marketing and provides insurance products for partner companies, which has included ANZ for over 20 years.<\/p>\n<p>Cigna New Zealand Chief Executive, <strong>Gail Costa<\/strong>, said the acquisition and strategic alliance diversified Cigna\u2019s distribution capabilities: \u201cCigna provides simple, affordable insurance products to meet the needs of its customers. This acquisition will enable us to provide broader solutions and be more agile and responsive to a larger customer base.\u201d<\/p>\n<p>The deal, which is expected to be completed in 2019, is still subject to regulatory approval.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ANZ New Zealand has announced the sale of OnePath Life NZ to specialist insurance provider Cigna Corporation for NZ$700 million.<\/p>\n","protected":false},"author":3,"featured_media":41150,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,6838,4],"tags":[4247],"class_list":["post-41023","post","type-post","status-publish","format-standard","has-post-thumbnail","category-company-news","category-new-zealand","category-products","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/41023","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=41023"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/41023\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/41150"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=41023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=41023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=41023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}