ANZ has received about $1 billion of upfront reinsurance commission from its $2.85 billion sale of OnePath to Zurich.

As part of the deal, announced last year, ANZ and Zurich agreed a 20-year strategic alliance to sell life insurance products via the bank’s distribution channels.

ANZ may choose to pursue an on-market share buyback of $1-$1.5 billion, and says it will confirm its plans when the required approvals and analysis are completed.