ANZ will sell its OnePath New Zealand life business to specialist insurer Cigna for $NZ700 million ($645.58 million).

The sum is expected to generate a gain on sale of about $NZ50 million ($46.11 million).

ANZ New Zealand CEO David Hisco says the sale includes a 20-year alliance with Cigna to provide insurance for ANZ bank customers.

OnePath staff will be offered similar roles with Cigna or ANZ. The business’ investment management side is not included in the sale.