Cigna New Zealand has announced it has been granted regulatory approval to proceed with its planned acquisition of ANZ’s OnePath Insurance business.
Earlier this year, Cigna entered into negotiations with ANZ to purchase the bank’s insurance business. ANZ had stated that the sale price of OnePath would amount to $700 million dollars, and would also include a 20-year strategic alliance for Cigna to provide insurance solutions to ANZ customers.
Cigna has now stated that it has received Reserve Bank of New Zealand and the Overseas Investment Office’s final approval for the deal.
“We’re really pleased to have reached this important milestone on the journey,” Cigna New Zealand chief executive Gail Costa said. “This is an exciting time for both organisations as we work towards bringing the companies together.”
The sale is expected to be completed by early 2019. The completion will see Cigna as New Zealand’s third largest life insurance provider.