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Zurich finalises the transfer and integration of OnePath Life

 

5 August 2022

SYDNEY, Australia – Zurich Australia Limited (Zurich) announced that it had finalised the transfer and integration of the life insurance business of OnePath Life Limited (OnePath Life).

In July 2022, the Federal Court of Australia confirmed the Scheme for the transfer of the business to Zurich, under Part 9 of the Life Insurance Act 1995 (Cth).

The completion transfers OnePath Life’s assets and liabilities, including all life insurance policies issued by OnePath Life, to Zurich from 1 August 2022. OnePath Life will, however, 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. 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.

Zurich remains committed to retaining the OnePath brand, continuing a proud heritage of insuring and protecting Australians.

ENDS

 

For further information, and to access the Scheme documents, visit www.zurich.com.au/scheme

About Zurich Australia Limited (ZAL)

ZAL is part of the Zurich Insurance Group (Zurich), a leading multi-line insurer serving more than 55 million customers – both people and businesses – in more than 200 countries and territories. Founded 150 years ago, Zurich is transforming insurance. In addition to providing insurance protection, Zurich is increasingly offering prevention services such as those that promote wellbeing and enhance climate resilience.

Reflecting its purpose to ‘create a brighter future together’, Zurich aspires to be one of the most responsible and impactful businesses in the world. It is targeting net-zero emissions by 2050 and is one of the world’s most sustainable insurers, as shown by the S&P Global Corporate Sustainability Assessment. In 2020, Zurich launched the Zurich Forest project to support reforestation and biodiversity restoration in Brazil.

The Group has about 60,000 employees and is headquartered in Zurich, Switzerland. Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information is available at www.zurich.com.