CGU will underwrite ANZ-branded home, landlord and motor policies from July next year, after finalising a “long-term” distribution agreement.

Those products are currently underwritten by QBE for the bank’s retail customers.

CGU is part of IAG’s Intermediated Insurance Australia (IIA) business led by Group Executive Jarrod Hill.

“ANZ is a company that aligns well with the values and purpose of CGU, and our broader IAG business,” Mr Hill said.

“As purpose-driven organisations, we are committed to delivering market leading products and services to our customers.

“CGU’s continual focus and investment in strengthening our digital capabilities along with our well-established claims expertise to effectively manage claims, particularly during major natural peril events nationally, were fundamental in securing this agreement.”

IAG says the agreement “complements IIA’s strong history of distribution through financial institutions” and enhances and leverages the scale of its intermediated personal lines portfolio.

It says it also contributes to IIA’s target of achieving a $250 million insurance profit by FY24.