Life Insurer Macquarie Group has announced that it is entered into an agreement to sell it’s life insurance Business to Zurich Australia Ltd.

The transaction is subject to regulatory approvals, however it is expected to be completed in the second half of 2016, and Macquarie Life 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

Colin Morgan, Zurich’s Asia-Pacific global life chief said the Macquarie Life purchase accelerated the company’s strategy.

“Our Australian life business has experienced strong growth – over the last 5 years, in particular – and is a major contributor to the strength and profitability of Zurich’s Asia-Pacific regional Global Life business.”

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