Zurich agrees to buy ANZ life insurance arm for US$2.1bn

December 13 2017 by InsuranceAsia News Staff

Zurich is set to become the biggest insurance company in Australia after agreeing to purchase the life arm of ANZ.

The deal was valued at A$2.85 billion (US$2.1 billion), considered to be the Swiss company’s biggest venture in the region and its third in the last two years.

Once the deal is officially concluded, the Swiss insurer is set to capture the top spot in the Australian market, which has been drawing attention from global players due to its strong economy and low insurance penetration.

The sale is part of ANZ’s plans to offload its non-core operations in order to focus on banking. ANZ is currently ranked as the fourth lender in Australia.

Zurich, Europe’s fifth-largest insurer, also bought Macquarie Group’s life insurance unit in 2016 as well as Cover-More Group in April.