May 30 (Reuters) - Australia And New Zealand Banking Group Ltd ANZ.AX :
* ANZ NZ ANNOUNCES SALE OF ONEPATH LIFE NZ LTD TO CIGNA
* AGREED TO SELL ONEPATH LIFE NZ LIMITED FOR NZ$700 MILLION TO CIGNA CORPORATION
* EXPECTED TO GENERATE A GAIN ON SALE OF AROUND NZ$50 MILLION
* SALE INCLUDED A 20-YEAR STRATEGIC ALLIANCE FOR CIGNA TO PROVIDE INSURANCE SOLUTIONS FOR ANZ BANK CUSTOMERS
* SALE REMAINS SUBJECT TO REGULATORY APPROVAL AND IS EXPECTED TO COMPLETE IN FY19
* TRANSACTION TO INCREASE CO'S LEVEL 1 & LEVEL 2 CET1 RATIOS BY ABOUT 5 BASIS POINTS & ABOUT 15 BASIS POINTS
* ONEPATH LIFE POLICYHOLDERS IN NEW ZEALAND TO CONTINUE TO RECEIVE COVER THEY HOLD UNDER TERMS OF THEIR POLICIES
* "INTENDED ALL STAFF INVOLVED WOULD BE OFFERED SIMILAR ROLES WITH CIGNA OR ANZ"