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ANZ sells life business for $2.85b

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ANZ Banking Group has now divested much of its wealth management unit after selling its life insurance business to the Australian arm of Swiss giant Zurich for $2.85 billion.

As foreshadowed by Street Talk, Zurich Financial Services Australia will ink a 20-year distribution deal, gaining access to ANZ's more than six million customers.

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Alice Uribe writes on Financial Services and Insurance
Joyce Moullakis wrote on banking and finance, specialising in Investment Banking, Private Equity, Financial Services. Connect with Joyce on Twitter. Email Joyce at jmoullakis@afr.com.au
Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com

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    Original URL: https://www.afr.com/business/insurance/insurance-companies/anz-sells-life-business-for-285b-20171211-h02uqu