About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Saturday, May 25th, 2:10AM
rss
Latest Headlines

ANZ puts OnePath on the block

[UPDATED] Another big Australian-owned New Zealand life insurance business may sell.

Thursday, March 8th 2018, 9:00AM

ANZ is considering interest in its New Zealand life insurance division, OnePath Life (NZ), after the sale of its business in Australia brought forward potential buyers for the unit on this side of the Tasman, too.

The bank told staff it was dealing with a small number of parties to “test their appetite” for buying the business.

OnePath in Australia sold for A$2.85 billion ($3.05b) to Zurich Financial Services.

It had been speculated that the New Zealand business could be worth up to A$900 million. It recorded a $32.3m profit in the year to September 2017.

It has already sold off its health insurance business to nib for $24.7m.

"While we’re happy with how our business is performing and have plans for its development, we have decided to engage with a small number of parties to see what value they might add to the business," an ANZ spokesman said.

"This process might not result in a sale, but we owe it to the business and our customers to assess what will deliver the best performance for them.

"Insurance is a core part of ANZ’s business, and this will continue irrespective of any decision on who manufactures our life insurance products."

The bank tried to sell UDC Finance to Chinese buyers HNA Group but the deal was not approved by the Overseas Investment Office.

The move comes despite chief executive David Hisco saying as recently as late last year that the bank was not planning to sell OnePath in New Zealand.

"Our New Zealand insurance business has strong fundamentals and we have clear plans to pursue future growth," he said in November.

He said the New Zealand business was different to the Australian operations, and the local arm generated a good return for the bank.

Tags: ANZ

« Adviser's in-laws lose IFSO complaintShake-up coming for RFA insurance advisers »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Insurance Briefs

Fidelity Life team up for award
Fidelity Life chief technology Officer Dan Wilkinson and his team have been named as a finalist in the Best ICT Team Culture category at the 2019 New Zealand CIO Awards.

Cigna to support kids' mental health
Cigna New Zealand and Life Education have partnered to develop Small Changes Whānau Challenge, a new take-home resource that will support classroom learning about kids’ mental health and wellbeing.

AIA and Sovereign close online product
Sovereign's guaranteed acceptance insurance product Simple Life is being closed to new business.  

Cigna expands into South Island
Cigna has officially opened its new office in Christchurch, the organisation’s first move into the South Island.

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News
Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com