Proposed transfer of the life insurance business of OnePath Life Limited to Zurich Australia Limited

Following the acquisition of OnePath Life Limited (OnePath Life) from ANZ over two years ago, we have been working hard, with your support, to integrate OnePath Life into the Zurich Group, by amalgamating systems, processes, and records into Zurich’s operations.

The final step in the process of integrating OnePath Life with the Zurich Group is to bring together OnePath Life and Zurich Australia Limited (Zurich).  To complete this final step, OnePath Life and Zurich intend to transfer the life insurance business of OnePath Life to Zurich by means of a ‘Scheme’ requiring confirmation of the Federal Court (Court) under Part 9 of the Life Insurance Act 1995 (Cth).

If confirmed by the Court, the Scheme will transfer OnePath Life’s assets and liabilities, including all life insurance policies issued by OnePath Life, to Zurich on the effective date, which is currently expected to be 1 August 2022. OnePath Life will, however, retain assets to meet regulatory capital requirements.

The application for confirmation of the Scheme will be heard by the Court on 6 July 2022 at 10.15am or on such other date and time as the Court determines.

What does this mean for advisers and your clients?

While this is an important milestone in the integration of OnePath Life with the Zurich Group, there is no action required by either advisers or clients.

The Scheme will not affect the following:

  • The terms and conditions of your clients’ policies, other than the issuer of the policy and the referable statutory fund
  • Any income payments, claims in progress, active requests, applications, or complaints submitted by your clients
  • How your clients are currently serviced, or the way that you do business with us.

For further information we recommend that you read the Scheme Summary, along with the other Scheme documents here.

You can also access our Adviser FAQ document to learn more about the Scheme and what it means for you and your clients.

Communication to Advisers

In May we will send an email to Advisers with the proposed transfer notification, along with access to the Scheme Summary and Adviser FAQs. You can access further information on the Scheme from either the OnePath Life or Zurich websites.

Communication to clients

Throughout May 2022, we will send all clients who hold a OnePath Life policy a notification letter (or email where we hold an email address) and a Scheme Summary. Clients will also be able to access further details and documents about the Scheme on the OnePath Life or Zurich website. Note, Zurich policy owners will not receive direct notification of the Scheme via email or mail but may access information regarding the scheme on the Zurich website.

Scheme documents

The following documents relating to the Scheme are available for Advisers and clients online at the OnePath Life and Zurich websites:

  • Scheme
  • Scheme Summary
  • Actuarial report on the Scheme prepared jointly by the Appointed Actuary of OnePath Life and the Appointed Actuary of Zurich
  • Independent Actuarial Report on the Scheme
  • Customer notification.

Subject to state and territory health orders, physical copies of these documents are also available for public inspection during the period 23 May 2022 to 24 June 2022 in each State and Territory at a location set out in the Scheme Summary.

If policy owners believe the scheme may detrimentally affect their interests as a policy owner, they have the right to attend the Court hearing and request to be heard on the Scheme.

For more information about how you or your clients can access the Scheme documents, ask questions or provide any feedback, visit either of our websites OnePath Life or Zurich.

We’re here to help

If you have any further questions about the Scheme, please call your Business Development Manager who will be happy to help.