Zurich to Buy ANZ's Australian Life Insurance Business
11 Dicembre 2017 - 7:01PM
Dow Jones News
By Nathan Allen
Switzerland's Zurich Insurance Group AG (ZURN.EB) said Monday
that it will buy Australia & New Zealand Banking Group Ltd.'s
(ANZ.AU) life-insurance business in Australia for about $2.14
billion.
"The acquisition is expected to contribute to the Group's
profitability from day one, generating strong cash flows which will
support future dividend growth," Zurich said.
Zurich said it will initially pay 1 billion Australian dollars
($750.6 million) in reinsurance commissions to ANZ when the deal
receives regulatory approval, with the remaining balance to be paid
on completion.
The acquisition will provide Zurich with roughly a 19% market
share in Australian retail-life insurance, the company said.
The deal, which will be funded through cash and senior debt, is
expected to cause a modest reduction to Zurich's capital position,
the company added.
The announcement comes on the heels of a string of Asia-Pacific
acquisitions by Zurich, including the takeovers of Macquarie Group
Ltd.'s (MQG.AU) life-insurance business in 2016 and Australian
travel-insurance provider Cover-More in April.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
December 11, 2017 12:46 ET (17:46 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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