Cigna to buy New Zealand life insurance company for $700M

Cigna will buy the life insurance arm of ANZ Bank New Zealand, OnePath Life, for $700 million, the company announced May 30.

Under the deal, Cigna will provide bank customers insurance solutions for 20 years, according to ANZ New Zealand CEO David Hisco.

OnePath Life policyholders will maintain their life insurance plans under the transaction, and the company's staff is expected to keep their roles within Cigna or ANZ.

Cigna offers insurance products online, through direct marketing and with partner companies in New Zealand.

The sale is subject to regulatory approval, and is slated to reach completion in 2019.

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