Zurich Makes Acquisition from Macquarie

Greg Ward, Head of Macquarie’s Banking and Financial Services Group

Sydney based Macquarie Group sells its Macquarie Life insurance business to Switzerland's Zurich in Australia.

The transaction is subject to regulatory and court approvals, and is expected to be completed in the second half of the 2016 calendar year. Macquarie Life’s Australian based staff will transfer to Zurich as part of the acquisition, according to a statement from Macquarie.

«Macquarie Life is a well performing business. The sale of the business reflects the need for significant scale in the capital intensive life insurance industry in order to drive appropriate returns,» said Greg Ward, Head of Macquarie’s Banking and Financial Services Group.

Following completion of the transaction, Macquarie Life policyholders will become customers of Zurich, who will honour all obligations under new and existing policies. 

Not in the Top Five

The procurement by Zurich will establish a business with more scale however it still leaves it outside the current top five players in the A$14 billion life insurance sector. The biggest players are TAL, wealth group AMP, AIA Australia, National Australia Bank's MLC and Commonwealth Bank of Australia's CommInsure.

Last month Zurich issued a statement addressing media reports that had hinted at a possible exit from some parts of Asia by the firm.

 

 

 

 

  

Compare my salary

Compare my salary

Feeling Underpaid? Benchmark your salary by job title, company and location. Find out where you stand in minutes.

compare my salary

Newsletter

Newsletter-SymbolFree Subscription

Subscribe to our free newsletter and receive daily email alerts from the finews editorial team with a list of the top featured articles.

Share with us

Do you have any market intelligence to share with finews.asia – email us on info@finews.asia – All communication is completely confidential and strictly anonymous.