ANZ is continuing to seek a buyer for its life insurance arm following the partial sale of its OnePath wealth business to IOOF for $975 million.

Group Executive Wealth Australia Alexis George says the banking group is also considering options including strategic and capital markets solutions.

“ANZ is still committed to the strategy of not manufacturing insurance,” she told the bank’s digital publication Bluenotes. “So we need to look for alternatives for insurance.

“It may take some time. I just want to be clear about that.”

A spokesman for the bank did not respond directly when asked if talks with potential buyers are ongoing, and instead directed insuranceNEWS.com.au to the Bluenotes interview.

ANZ announced late last year that OnePath is for sale, after a review of its Australian and New Zealand operations.

The sale to IOOF involves OnePath’s pensions and investments and aligned dealers groups.

ANZ will also enter a 20-year strategic alliance to distribute IOOF superannuation and investment products to its customers under the sale agreement.