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Ballantyne: Partners keen for any purchase opportunity

Partners Life is interested in pursuing any acquisition opportunities in the market, including but not limited to ANZ's OnePath, its managing director Naomi Ballantyne said.

Thursday, May 17th 2018, 3:31PM 1 Comment

It was reported today that Partners had "thrown its hat in the ring" to buy ANZ's OnePath Life.

It was confirmed in early March that ANZ was considering a sale of the division. ANZ sold OnePath in Australia to Zurich.

Ballantyne said the insurer had long made it clear it was interested in any acquisition opportunity but that was not as specific as simply pursuing OnePath.

"It's a way to grow. If it's available we want to be part of that process."

She said, if discussions were happening, it would not be appropriate to reveal them in the media.

Partners would have the support of its cornerstone equity partner, Blackstone, which could help it do a large deal such as that required for OnePath. International bidders would also be keen for the OnePath business, she said.

Ballantyne said Partners Life was still on track for a sharemarket listing.

When Blackstone made its $200 million investment in Partners Life, the company said it planned to list in three-to-five years. "Two years in we are still on target for that."

She said Partners was not in a hurry to list and would look to time it right.

Tags: OnePath Partners Life

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Comments from our readers

On 18 May 2018 at 11:56 am Tash said:
Good luck Partners Life, I can think of no one better to look after OnePath Policy owners. I hope the ANZ has consideration for its policy owners best interests, not just the dollars only.

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