Zurich Australia has announced that it has finalised the transfer of the life insurance business of OnePath Life.
The integration sees OnePath Life’s assets and liabilities, including all life insurance policies, transferred to Zurich which took effect on 1 August 2022.
However, OnePath Life will continue to retain assets to “meet regulatory capital requirements”.
“OnePath Life policies are now treated as if they had been issued and administered by Zurich rather than OnePath Life,” Zurich said in a statement on Friday (5 August).
“For OnePath Life policy owners — other than a change to the insurer and statutory fund to which it is referable — these policies continue to operate and be administered in the same way.”
The move was first announced in May, with both Zurich and OnePath Life announcing their intention to make a joint application to the Federal Court of Australia.
The Court confirmed the scheme for the transfer last month.
“The proposed transfer is a key milestone and the final step in the process of formally bringing together the businesses of our two Australian life insurers,” a statement released by the companies in May read.
“This consolidation will also assist us in managing our regulatory requirements more efficiently and simplify financial, operational and administrative processes.”
The news comes three years after OnePath Life joined the Zurich group following its acquisition of ANZ’s life insurance arm.
Meanwhile in February, ifa revealed that Zurich planned to launch a new advice business which will service ANZ customers.
The life insurance company confirmed that it will take on some employees from ANZ as it gears up to launch new life insurance advice business, Zurich Assure.
