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Zurich Insurance: wants to strengthen presence in Australia

(CercleFinance.com) - Zurich Insurance has entered into an agreement to acquire OnePath, the insurance division of Australian financial group ANZ.

The deal, which is set to be completed by the end of 2018, values the target at 2.85 billion Australian dollars, or about 2.1 billion US dollars and Swiss francs. Paid for out of own funds (cash and debt), it would be immediately accretive.

Over twelve months, gross premiums written by OnePath reach 1.1 billion US dollars, with after-tax profit of 142 million US dollars.

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