Approval granted for Cigna’s ANZ acquisition in New ZealandNovember 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.
- January 23
Acquisitions are still attractive for Japan's insurers to diversify earnings.
- January 18
The majority purchase of the former ING Life Korea business will give the group its second life insurer.
- January 17
The Australian firm is mulling another retreat from an Asian market.
- January 16
Aberdeen Standard Investments is the latest investor in the digital player with a S$17.6m equity stake.