Cigna Corporation (NYSE: CI) and ANZ Bank New Zealand Ltd. have entered into an agreement for Cigna to acquire its OnePath Life Insurance business. OnePath is one of New Zealand's leading providers of insurance, owned by ANZ Bank New Zealand Ltd.
The sale includes a 20-year strategic alliance for Cigna to provide insurance solutions for ANZ customers. As a result of this transaction, the two companies combined will become New Zealand’s third largest life insurance player, with close to 500 staff.
Gail Costa, Chief Executive of Cigna New Zealand, says this acquisition and strategic alliance diversifies Cigna’s distribution capabilities.
“Cigna provides simple, affordable insurance solutions to meet the needs of its customers. It will enable us to provide broader solutions and be more agile and responsive to a broader larger customer base,” she says.
This year marks Cigna’s 100th year of operation in New Zealand and this acquisition reflects Cigna’s long term commitment to the New Zealand market.
David Hisco, ANZ Chief Executive, says the sale was in line with ANZ’s strategic agenda to simplify its business, and was an opportunity to offer even greater value to ANZ customers through a respected insurance specialist.
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.