Major bank ANZ mum on insurance sale

Major bank ANZ mum on insurance sale

Major bank ANZ mum on insurance sale ANZ has remained quiet on whether or not the business is looking to sell on part or all of its insurance business.

Reports from Reuters last week linked the major bank with a sale of its insurance operations, valued at $4 billion, in a bid to boost funds at the company.
An ANZ spokesperson, speaking to InvestorDaily, said that it was “not appropriate to comment” on current market speculation.

"ANZ's chief executive Shayne Elliott announced in January that Alexis George, the managing director of the bank's Wealth Australia business, would be undertaking a strategic review of the business," the spokesperson said.

"That internal review is expected to be completed mid-year and any recommendations are expected to be considered by ANZ during the third quarter.
"It's not appropriate to comment on market speculation in the interim."

In October 2015, ANZ announced that they had sold off their medical insurance book in New Zealand to nib in a deal worth $22.6 million.

The business currently holds a 8.5% share of the Australian life insurance market which is currently valued at $86 billion, according to IBISWorld.

In March, it was announced that Zurich had reached an agreement with Macquarie Group to purchase the life insurance business of the company.