BRIEF-ANZ Sells Wealth Australia Life Insurance Business To Zurich Insurance

Published 12/12/2017, 07:00 am
Updated 12/12/2017, 07:10 am
© Reuters.  BRIEF-ANZ Sells Wealth Australia Life Insurance Business To Zurich Insurance
ANZ
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Dec 12 (Reuters) - Australia And New Zealand Banking Group Ltd ANZ.AX :

* SELLS ITS WEALTH AUSTRALIA LIFE INSURANCE BUSINESS TO ZURICH FINANCIAL SERVICES AUSTRALIA FOR $2.85 BILLION

* EXPECTS COMPLETION OF TRANSACTIONS TO OCCUR IN LATE CALENDAR YEAR 2018

* TOTAL PROCEEDS FROM SALE OF WEALTH AUSTRALIA INSURANCE IS $3.83 BILLION

* TRANSACTION WOULD BE BROADLY EPS AND ROE NEUTRAL IF CAPITAL RELEASED IS RETURNED TO SHAREHOLDERS

* COMBINED OUTCOME OF OPL AND ONEPATH P&I DEAL ESTIMATED ACCOUNTING LOSS ON SALE OF ABOUT $640 MILLION

* TO RETAIN THE LENDERS MORTGAGE INSURANCE, ANZFP AND ANZ SHARE INVESTING BUSINESSES WITHIN THE AUSTRALIA DIVISION POST COMPLETION

* NO CHANGES TO ANY CURRENT INSURANCE POLICIES AS A RESULT OF SALE

* DEAL EXPECTED TO INCREASE ANZ'S CONSOLIDATED CET1 CAPITAL RATIO BY A TOTAL OF ABOUT 65BP

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