Approval granted for Cigna’s ANZ acquisition in New Zealand

November 19 2018 by InsuranceAsia News Staff

Reserve Bank of New Zealand and the Overseas Investment Office has approved Cigna New Zealand’s acquisition of OnePath from ANZ.

Once completed, the NZ$700 million (US$482 million) acquisition will make Cigna New Zealand’s third-largest life insurance provider. Cigna has already been based in the country for 100 years.

Cigna’s New Zealand chief executive Gail Costa commented: “We are pleased to have reached this important milestone on the journey. This is an exciting time for both organisations as we work towards bringing the companies together.”

The sale is expected to be completed in early 2019.