SYDNEY: Zurich Insurance has agreed to buy Australia and New Zealand Banking Group’s life insurance arm for A$2.85bil (US$2.1bil), its biggest foray into Australia and its third in the last two years.
The deal gives the Swiss insurer the top spot in a market attractive to global players due to its robust economy and low penetration, while helping Australia’s No. 4 lender move ahead with a long-planned exit from non-core operations.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!