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
The Star Festive Promo: Get 35% OFF Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
