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Proposed transfer of the insurance business of OnePath General Insurance Pty Limited to Zurich Australian Insurance Limited


28 August 2023

OnePath General Insurance Pty Limited (OnePath General) and Zurich Australian Insurance Limited (Zurich) give notice of their intention to make a joint application to the Federal Court of Australia (the Court) seeking confirmation of a scheme (the Scheme) under Division 3A, Part III of the Insurance Act 1973 (Cth) to transfer the insurance business of OnePath General into Zurich.

The confirmation hearing is scheduled for 16 November 2023, or such other date and time as the Court determines. The proposed effective date of the transfer is 1 December 2023.

Should the Scheme be confirmed, OnePath General policies will be treated as if they had been issued and administered by Zurich rather than OnePath General.     

This consolidation of Zurich Australia’s two general insurers will assist us in managing our regulatory requirements more efficiently and simplify financial, operational and administrative processes. 

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

 

-ENDS-

Zurich Financial Services Australia is a life insurance, commercial insurance and investments specialist that has been participating in the Australian market since 1920. Since its acquisition of OnePath Life from ANZ in 2019, the company provides life insurance to more than 1.5 million Australian customers under both the Zurich and OnePath Life brands.  Further information about Zurich Financial Services Australia is available at www.zurich.com.au.
 

Zurich Insurance Group (Zurich) is a leading multi-line insurer serving 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 has the highest-possible ESG rating from MSCI. 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.