Cigna has successfully combined its New Zealand business with the recently acquired OnePath Life after the approval of the Reserve Bank of New Zealand (RBNZ).
Cigna completed the final phase of its acquisition on January 31, and the combined businesses now operate as Cigna Life Insurance New Zealand Limited.
“We’re proud to have completed the final phase of the acquisition so quickly and are thrilled to welcome all OnePath customers to Cigna. This is a huge milestone for our business, we now have a solid foundation for growth, and a platform to continue looking after the 450,000 customers we protect,” Gail Costa, chief executive at Cigna, told Good Returns.
“All policyholders have been notified of these changes and we look forward to continuing to look out for our customers with insurance products that best meet their individual needs.”
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Cigna had been working on combining the two businesses since November 2018 when it acquired OnePath from ANZ New Zealand.
Costa said they could have spent two to three years going through the integration and amalgamation process. She revealed that they would refresh the products with updated pricing, policies, and documentation and that a new quote tool would also be available.
“We thought let’s just go for it so then we’ll be out the other side. I’m glad we did,” Costa concluded.
