Zurich has confirmed that it will keep both its own and OnePath Life’s brands and propositions active in the market after its planned purchase of the latter, as the details of the aftermath of the acquisition become clear.
Under the agreement, Zurich would retain both its own insurance offering and also, later this year, own the OnePath brand and logo.
Zurich chief executive, Tim Bailey, said that the company would continue to invest in both businesses, with the two products intended to operate alongside each other in the open market.
“We know that both the Zurich and OnePath propositions are very highly regarded in the market and are regularly acknowledged for their strength across claims service, product innovation and value for money,” he said.
As such, the insurer felt that offering both proposition would give advisers more choices to suit different client segments. It said that many advisers already used both on a complementary basis.
By the conclusion of the two-pronged acquisition, which would see Zurich end up with the life insurance arm of OnePath and IOOF with the pensions and investments component as the entire business transfers from ANZ, Zurich would fully own the brand and logo.
Until the separation is completed, both companies would share the brand.
The transaction would be completed by later this year, with Bailey saying it was on track to finish on time.
“We’ve have very strong enduring partnerships with ANZ and IOOF going back many years and this has helped us make excellent progress with a reasonably complex transaction,” he said.
Both transactions are subject to regulatory approval.