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OnePath sale may be getting close

ANZ appears to have sped up the potential sale process for its life insurance business OnePath.

Wednesday, August 23rd 2017, 6:00AM 1 Comment

Earlier this year ANZ said it may consider selling the insurance business in New Zealand following the review of its Australian wealth business.

However, it has confirmed it has been approached by companies interested in buying OnePath.

ANZ spokesman Stefan Herrick said to test the seriousness of those companies' interest in the New Zealand insurance business, it had developed a plan to engage with interested parties.

"This process may or may not lead to a sale – there’s a lot of water to flow under the bridge yet. If we do go ahead with a sale of our life insurance business, we will be looking for a strong partner with the resources and expertise to help it grow," he said.

"We want to offer the very best life insurance solutions to our customers and advisers, together with good career prospects for our staff."

He said the New Zealand investment business was not part of the process.

AIA is believed to be interested in OnePath in New Zealand as well as the Australian business.

But local chief executive Graeme Edwards would not confirm that. He said AIA had a policy of not commenting on market speculation.

Partners Life founder and chief executive, Naomi Ballantyne said the company was interested in acquiring another life company.

“Partners Life wants to grow and we are very interested in any opportunities that present themselves,” Ballantyne said.

Ironically, she founded OnePath as Club Life, and sold the business to ANZ.

Part of the attraction of OnePath is that any new owner may get access to distribution though the ANZ banking network.

OnePath lost many clients to Partners Life when that company started. It also lost business when it sold its medical book to nib.

Tags: AIA ANZ Life insurance Naomi Ballantyne nib OnePath Partners Life

« Insurers worry about change: ReportCBA eyes Sovereign, CommInsure divestment »

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Comments from our readers

On 29 August 2017 at 11:37 am Majella said:
Hmm - access to ANZ distribution...so, the Bank will become a commission-taker, but take advantageof whatever the QFE morphs into. I have seen some horrendous 'insurance solutions' recommended by bank 'advisers' - shockingly misinformed or uninformed customers who think the TPD or terminal illness benefit is 'income protection', which I suspect reflects the level of 'care, diligence & skill' of the advisers.

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