Australia: ANZ Sells OnePath Australia, Keeps New Zealand

Andrew Boughey, Head of Adviser Distribution for OnePath New Zealand says "ANZ Australia has today announced the sale of its OnePath Life Insurance business to Zurich Financial Services Australia. Our insurance business here in New Zealand is not part of this sale and it will have no impact on our operations. For us in New Zealand, it is business as usual."

OnePath Life Staff Changes

OnePath have announced that Brendon Neal, Head of Adviser Distribution and Auckland Regional Sales Manager Scott Rasmussen are leaving OnePath Life. Christine Laverty will be stepping in as Acting Head of Distribution while they go through the interview process to replace Brendon.

OnePath: Flood Relief Offer

OnePath has released the following:

We understand that for some of our clients the recent floods in the North Island have caused much distress and uncertainty. We are committed to supporting clients in any way we can and will be offering them the ability to suspend their premiums for three months during this difficult time.             

Premium Suspension Offer

OnePath clients, who experience financial hardship as a direct result of the recent flooding events, will be able to apply to suspend their premiums for three months across all of our policy types (even if they do not have Premium Cover as part of their insurance). They will continue to be fully covered over this period. Clients can apply for this premium suspension which is available from Friday 7th April.

ANZ Wealth and OnePath Life Staff Changes

There have been a number of changes to staff at ANZ Wealth and OnePath Life including a new Managing Director - Wealth, Craig Mulholland has been appointed the position.

Roharn Smith is joining the team as an Auckland Regional Sales Manager and they are recruiting for an additional Regional Sales Manager for Wellington to assist with South Island regions.

Vincent Bourke was welcomed to the underwriting team and Shelley Rider is moving from New Business to a Key Relationship Consultant role alongside Vincent.

ANZ Wealth Appoints new Managing Director

ANZ has announced the appointment of Craig Mulholland as new Managing Director Wealth.  Craig’s appointment follows the passing of former MD, John Body just prior to Christmas. An experienced executive, Craig is currently ANZ’s general counsel and company secretary. Prior to joining ANZ, he held senior management roles in New Zealand and Australia at companies like Telecom. While Wealth was previously part of ANZ's Retail and Business Banking business, it will be run as a standalone business.

ANZ Reviews the Future of Wealth - Including Insurance

From the latest adviser update from OnePath/ANZ:

ANZ announced its annual results today and our CEO, Shayne Elliott, took the opportunity to provide an update on the strategic review of ANZ’s Wealth businesses.

We wanted to share Shayne's comments with you. Shayne said ANZ is exploring a range of possible strategic and capital market options for the future of the Australian Wealth business which includes the possible sale of the life insurance, advice and superannuation and investments businesses in Australia.

Shayne further said the position of the Wealth business in New Zealand will be considered separately during 2017.


While it should not be seen as a given that the New Zealand wealth business would be sold, if a purchaser of the Australian wealth business wanted the New Zealand operation then it would seem logical that they would have a good opportunity to acquire it. 

OnePath's Financial Stability Rating Downgraded

OnePath have sent out the following media release in regards to a downgrade in their financial stability rating:

"We just wanted to let you know that we have been advised that Standard & Poor’s is downgrading the financial strength rating of a number of insurers, including OnePath Life (NZ) Limited (OPL).

In total, Standard & Poor’s has downgraded the ratings for eight insurers, all of them subsidiaries of major Australian banks.  This means that OPL’s current rating of AA- will drop one notch to A+. 

Your clients should not be concerned by this and it will not have any impact on our day-to-day operations. It’s important to note that Standard & Poor’s clearly states that its move does not indicate any weakening of the stand-alone ratings of these insurers. Standard & Poor’s is responding to the recent sale of insurance businesses by some Australian banks in the past year, as well as increasing regulatory requirements on capital. 

We are in the process of updating application forms, quote and collateral that contains reference to the financial strength rating. We will advise when this updated material is available. In the meantime, we ask that you let any clients in the process of signing up for cover that OnePath’s financial strength rating has changed."