ANZ retains life unit but still has plans for sale

October 19 2017 by InsuranceAsia News Staff

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.