ANZ Bank New Zealand To Sell OnePath Life To Cigna - Quick Facts

(RTTNews) - ANZ Bank New Zealand Ltd (ANZ.AX, ANZBY.PK, ANZ) announced it has agreed to sell OnePath Life NZ Limited for NZ$700 million to Cigna Corp. The company said the transaction represents a slight premium to embedded value and is expected to generate a gain on sale of around NZ$50 million. The company noted that the sale included a 20-year strategic alliance for Cigna to provide insurance solutions for ANZ bank customers and is consistent with ANZ's strategy to simplify its business.

Cigna is a global health service company. In New Zealand it offers insurance products online and through direct marketing and also provides insurance products for partner companies.