ANZ puts OnePath on the block

ANZ is considering interest in its New Zealand life insurance division, OnePath Life (NZ), after the sale of its business in Australia brought forward potential buyers for the unit on this side of the Tasman, too.

The bank told staff it was dealing with a small number of parties to “test their appetite” for buying the business.

OnePath in Australia sold for A$2.85 billion ($3.05b) to Zurich Financial Services.

It had been speculated that the New Zealand business could be worth up to A$900 million. It recorded a $32.3m profit in the year to September 2017.