The transfer of OnePath General Insurance to Zurich’s Australian business has been completed, after the Federal Court last month confirmed the scheme to facilitate the process. 

Zurich said the transfer on Friday of OnePath General’s assets and liabilities included all insurance policies issued by the former ANZ-owned business. However, OnePath General has retained assets required to meet capital regulatory requirements. 

The Swiss insurer completed its $2.85 billion acquisition of OnePath Life from ANZ in 2019 and the purchase includes OnePath General Insurance. 

Zurich says OnePath General policyholders do not need to take any action as a result of the transfer. 

“For OnePath General policyholders, other than a change to the insurer, there will be no changes to their policy terms and conditions,” it said in a statement. 

“OnePath General policyholders will continue to experience the same levels of service they have experienced to date.” 

An actuarial report on the proposed transfer says OnePath General Insurance is managed within the life insurance business of Zurich Australia. 

The report says OnePath General Insurance no longer accepts new customers, having exited Credit Card Policies in 2018, Direct Policies in 2020, QBE Mortgage Protection Insurance (MPI) and Loan Protection (LP) Insurance policies in 2019/2020, Esanda/Allianz Loan Protection Policies in 2016/2017 and Personal Lines Policies in 2016. 

At present the business continues to service existing policies and consequently recognises written and earned premium. 

Last year its net earned premium of $3 million was sourced from Credit Card Policies and Direct Policies and inwards reinsurance of $5 million for QBE MPI and LP policies as well as Allianz Loan Protection policies.