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Update: sale of OnePath Life to CIGNA

Christine Laverty, Senior Manager, Adviser Distribution, at OnePath has issued the following statement to update us on the sale process:

 

Sale of OnePath Life (NZ) Limited to Cigna New Zealand

Hi Everyone, as you know we recently announced that ANZ Bank New Zealand Ltd had agreed to sell its OnePath Life (NZ) Ltd insurance business to Cigna Corporation.

I’m incredibly excited about the opportunity this represents to you - our valued Advisers, our Industry as a whole and our OnePath team who have all been offered roles with Cigna. A great outcome!

You may be interested in knowing that Cigna Corporation is currently ranked 61st in the Fortune 500, operating in 30 countries. Their New Zealand business (Cigna NZ) is a leading life insurance company that has operated in New Zealand for 100 years, so you can be rest assured you and clients are in safe hands.

In New Zealand, Cigna is looking forward to the opportunity to diversify their distribution network and is committed to investing and growing our Adviser channel.

We recently held a small series of Adviser feedback sessions with Gail Costa CEO of Cigna and some of her key management team. For those of you who joined us, thank you very much, your insights were invaluable and greatly appreciated by the Cigna team. We’ll be seeking even more feedback and ideas in the future but if in the interim, there’s anything you’d like to contribute, please drop me a line, I’d love to hear from you.

Keeping you & your clients up-to-date

We’re absolutely committed to keeping you up-to-date on the progress of the transaction, and making the transition as easy as possible for you and your clients.

As well as these updates we’re working on a number of FAQs which will provide you with all the information you need to know. We’ll send these to you well before the change of ownership takes place.

We’ll also be contacting your clients closer to the time of the sale being completed, to advise them of the change in ownership of OnePath to Cigna NZ and that OnePath remains the underwriter of their policies. We’ll also reassure them that, while the ownership of their insurer is changing – there will be no change to the terms and conditions of their policy as a result of the sale.

Rest assured, we’ll provide you with a copy of any client communications before your clients receive them.

We’re here to help

In the meantime, it’s business as usual as we work through the details of the sale, however if you have any questions, concerns or feedback please don’t hesitate to contact your Regional Sales Manager or myself who will be happy to help.

Regards,

Christine Laverty
Senior Manager - Adviser Distribution, OnePath

 

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