Zurich Australia Limited (Zurich) is pleased to confirm that the life insurance business of OnePath Life Limited (OnePath Life) has transferred to Zurich. This is the final step in the process for the integration of OnePath Life within the Zurich Group.
On 6 July 2022, the Federal Court of Australia confirmed the Scheme to transfer OnePath Life’s life insurance business to Zurich, under Part 9 of the Life Insurance Act 1995 (Cth).
On 1 August 2022, the Scheme transferred OnePath Life’s assets and liabilities, including all life insurance policies issued by OnePath Life, to Zurich. OnePath Life will, however, retain assets to meet regulatory capital requirements.