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