Zurich Financial Services Australia has offloaded its last wholly owned intermediary business with the sale of Financial Lifestyle Solutions (FLS).

The business will be carved up, with general insurance business going to Austbrokers member Insurance Advisernet Australia and life business to ING’s Millennium3 Financial Services, Zurich announced on Friday.

The terms of the deal were not disclosed. FLS is a national advisory group of financial planning, life and general insurance brokers, employing 141 staff.

Millennium3 will initially acquire the business outright before on-selling the general insurance business to Insurance Advisernet on July 1.

The general insurance side comprises about a third of the operation.

Zurich CEO David Smith says the sale completes a process of trimming non-core assets.

“Excellent distribution is fundamental to Zurich’s business but it does not have to be owned to be effective,” he said.

Insurance Advisernet’s GM Operations Adrian Kitchin told insuranceNEWS.com.au the deal adds 29 authorised representatives to the company and will boost premiums “in excess of $200 million”.

Millennium3 will take on an additional $1.1 billion in managed funds.

A marketing agreement means Zurich will continue to service FLS intermediaries.