Macquarie sells life business to Zurich

Macquarie has entered into an agreement to sell its life insurance business to Zurich.

The transaction 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.

"The sale of the business reflects the need for significant scale in the capital intensive life insurance industry in order to drive appropriate returns.

“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.