ANZ exits health insurance market

ANZ-owned OnePath OnePath Life has about 20,000 medical insurance policies covering 44,000 people. Its annual premium income is around $27 million a year.

"Medical insurance is a specialist business and this sale will enable us to focus on our core life insurance business with minimal impact on existing policy-holders," ANZ Wealth NZ managing director John Body said.
“We’re making this change because we believe it will deliver the very best insurance solutions for you and your clients, now and into the future,” he said in an email to advisers.

“You can rest assured that we remain committed to working with independent advisers in the life and disability business and we will continue to invest in improved processes and further product innovation to provide you with best-in-class products.”
“Our aspiration is to be the leading life insurance provider in New Zealand,” he told Good Returns.

Body said medical is becoming more of a specialist business and it was appropriate that it was made by specialist insurance companies.