Macquarie Group (Macquarie) has agreed to sell the Macquarie life insurance business, part of its banking and financial services group, to Zurich Australia (Zurich).

The transaction is subject to regulatory and court approvals, and is expected to be completed in the second half of the 2016 calendar year.

Macquarie Life’s Australian based staff will transfer to Zurich as part of the acquisition.

Greg Ward, head of Macquarie’s banking and financial services group said: "Macquarie Life is a well performing business and has been recognised by the industry for its innovation and commitment to customer service. The sale of the business reflects the need for significant scale in the capital intensive life insurance industry in order to drive appropriate returns."

He added: "Zurich’s expertise, global reach and customer focus mean they are ideally positioned to continue providing high quality insurance products and services to Macquarie Life customers."

Following completion of the transaction, Macquarie Life policyholders will become customers of Zurich, who will honour all obligations under new and existing policies.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The terms of this transaction are confidential and not material to Macquarie Group.