ANZ’s insurance business in Australia will merge into a new wealth division that also includes superannuation and investments.

MD Insurance Alexis George will run the Australia Wealth business, and she will report to the bank’s CEO Shayne Elliott.

ANZ’s financial planning network will become part of the retail distribution business run by Catriona Noble.

In New Zealand insurance will be part of an expanded retail, business banking and wealth team reporting to John Body.

One casualty of the changes is Group Executive Wealth, Marketing and Innovation Joyce Phillips, who will leave the bank.

Mr Elliott says investments over the past decade in the insurance and super businesses have improved market share.

“These changes generate more value for our 8 million customers by making it simpler and more convenient to access wealth solutions through closer co-ordination and alignment of our wealth and retail products,” he said.

“The changes help us unlock more potential from wealth and reduce complexity, duplication and cost across our business.

“The simplified approach also provides the opportunity to focus on improving returns and capital efficiency from our insurance and super product business.”