OnePath General Insurance Pty Limited (OnePath) has confirmed that it will transfer its insurance business to Zurich Australian Insurance Limited (Zurich).
In a statement, OnePath and Zurich revealed that they will make a joint application to the Federal Court of Australia to transfer OnePath’s general insurance business, OnePath General, to Zurich through confirmation of a scheme under Division 3A, Part III of the Insurance Act 1973.
The confirmation hearing will be held on November 16, 2023, or such other date and time as the court decides. The proposed effective date of the business transfer is December 1, 2023.
Once the scheme is confirmed, OnePath General policies will be treated as if they had been issued and administered by Zurich.
Zurich Insurance Group recently released its figures for the six months ended June 30, 2023. The financial report revealed that its net income after tax attributable to shareholders (NIAS) increased by 6% to US$2.5 billion compared with the prior-year period.
