Zurich Insurance Group (Zurich) has successfully completed the acquisition of ANZ’s life insurance business, OnePath Life.

As part of the transaction, Zurich’s existing independent financial adviser (IFA) and bank distribution channels in Australia will be broadened by a 20-year agreement with ANZ to distribute life insurance products through bank channels.

This cooperation agreement strengthens Zurich’s business by giving it access to ANZ’s customer base served through more than 630 branches, and additional capabilities in independent distribution channels. After this acquisition, Zurich will have a market share of around 20 percent in retail life and 6 percent in the local group life market.

“Zurich is strengthening its business in Australia and we can now engage with up to 6 million new customers with this acquisition of One Path Life and the access to ANZ’s distribution channels. Asia-Pacific is a key region for Zurich and this deal adds further complementary products and additional bancassurance distribution capacity in the region,” says Group Chief Executive Officer Mario Greco.

Since Zurich laid out its strategic three-year plan in November 2016, the group has made significant progress in improving the overall business mix and has strengthened its customer focus. The group has improved its geographic focus through a clear M&A strategy.

This has seen the group release capital through the exit of a number of non-core businesses, while reinvesting in a series of bolt-on acquisitions. These acquisitions have been focused on creating leadership positions in chosen market segments in key geographies, including Australia, Argentina, Indonesia and in the US. The acquisition was first announced in December 2017.