Cigna New Zealand has announced it has been granted final regulatory approval from the Reserve Bank and the Overseas Investment Office for the acquisition of ANZ’s OnePath Insurance business.
Cigna confirmed earlier this year it had entered into negotiations with ANZ to purchase its OnePath business.
The sale is expected to be completed by early 2019, which on completion, is set to make Cigna New Zealand’s third largest life insurance provider.
The life insurer has also reached its 100th year of operation in 2018.
Cigna New Zealand Chief Executive, Gail Costa, says, “we’re really pleased to have reached this important milestone on the journey. This is an exciting time for both organisations as we work towards bringing the companies together.”