Zurich Financial Services Australia has completed the acquisition of ANZ’s life insurance business, with more than 500 former ANZ employees joining Zurich as part of the transaction.

The $2.85-billion sale of OnePath Life, first announced 18 months ago, also includes a 20-year agreement for the distribution of life insurance through ANZ’s bank channels.

Read more: Zurich announces $2.85bn ANZ life insurance acquisition

Zurich had already confirmed that it will invest further in the OnePath brand and OneCare life insurance offering, and both the Zurich and OnePath brands and product sets will remain available in the open market.

Read more: Zurich: OneCare will remain open and on offer

Alexis George, ANZ Group wealth executive, said the sale is part of a strategy “to simplify ANZ while also providing ongoing support for our customers who want protection with life insurance solutions.”

“Importantly, current ANZ and OnePath life insurance customers will continue to receive the same high-quality service and solutions from Zurich, a global insurer with a strong track record of service and innovation,” George said.

Tim Bailey, CEO of Zurich life and investments, said the “multi-proposition” strategy would allow both customers and advisers to benefit from the breadth of choice offered by two specialist life insurance brands.

“Both Zurich and OnePath are known for their innovation and advisers can expect to see that continue with updated product and service offerings to be rolled out by both brands during 2019,” Bailey said.

Bailey added that the deal also sees the creation of a new combined leadership team, comprising senior members from the previous Zurich and ANZ/OnePath teams.

“We have been able to assemble a team of leaders who are among the most talented and respected in the industry, and I think the balance of the team sends a powerful signal about our intention and capability to execute our multi proposition strategy,” Bailey said.