The purchase includes a 20-year strategic alliance for Cigna to distribute life insurance to ANZ Bank customers
Cigna will also acquire OnePath’s wealth specialist and independent adviser channels
The acquisition has been approved by the boards of both companies and is still subject to final regulatory approval. It is expected to take between six to nine months to complete the transaction.
What does it mean?
This investment in our business reinforces Cigna’s long-term commitment to the New Zealand market.
Our two companies combined will become New Zealand’s third largest life insurer (with close to 500 staff), and the growth will enable us to provide broader solutions and be more agile and responsive to our customers’ needs.
Who is OnePath?
OnePath is currently owned by ANZ Bank New Zealand Limited, part of the Australia and New Zealand Banking Group Limited.
OnePath Life has operated in New Zealand since 2001 when Club Life opened its doors for business. In 2003 ING New Zealand, a joint venture with ANZ Bank New Zealand Limited, completed its acquisition transition from fund manager to financial services provider, acquiring Club Life – subsequently renaming the company ING Life.
What does it mean for ANZ or OnePath customers and their staff?
OnePath Life policyholders in New Zealand who bought their policies through OnePath or ANZ will continue to receive exactly the same cover they hold under the terms of their policies
It is intended all staff involved will be offered similar roles with Cigna or ANZ.
What does it mean for Cigna customers?
Nothing, this doesn’t impact any policies of Cigna NZ or its partners.