In May 2018, Cigna agreed to purchase the OnePath business from ANZ. Cigna also entered into a 20-year strategic alliance to distribute life insurance to ANZ customers.
Final regulatory approval was granted last week from the Reserve Bank of New Zealand and Overseas Investment Office for Cigna’s acquisition.
The two companies will combine on November 30 to become New Zealand’s third-largest life insurance player, with nearly 500 staff.
2018 marks Cigna’s 100th year of operation in New Zealand.
Chief executive Gail Costa said it would offer new staff benefits for those employed by the newly merged entity.
Partners of parents will be given four weeks' paid leave, annual leave will be accumulated on maternity leave, Cigna will pay 3% or 4% KiwiSaver contributions for the full year an employee can take maternity leave and there will be additional service leave offered.
“We are committed to supporting our people through the early days of parenthood and upon their return to work. That’s why we’ve introduced a generous 26 weeks ‘top up’ leave on full pay, plus two weeks family leave, which can be taken before or after maternity leave. This is six more weeks than the government standard of 22 weeks, and an increase from Cigna’s previous 12 week offer.”
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