Friday, November 24, 2017

ANZ retains life unit but still has plans for sale

Although ANZ has retained its life insurance division, the firm has said that life insurance will not be the main focus of its business.

ANZ made the remark after selling its wealth management arm OnePath to IOOF for A$975 million (US$765 million).

The bank is keeping its life insurance business, which has A$1.6 billion in premiums, along with its general insurance arm, ANZ financial planning division, and the lender’s mortgage insurance business.

According to Alexis George, group executive for wealth Australia at ANZ, the bank is planning to sell or even float the life insurance business.

She said that although the company has kept the business for now, life insurance is not a critical part of their strategy.

ANZ has been meaning to sell its complete OnePath unit but has not yet found a willing buyer.

Share

Related Articles

Videos

Zainudin Ishak, Malaysian Re

Partner Content

Follow InsuranceAsia News

Print Edition

WINTER 2017

Defending Asia's evolving risks