Zurich will become the country’s biggest retail life insurer when its $2.85 billion purchase of OnePath from ANZ is complete, which could take up to a year.

As part of the agreement, Zurich and ANZ will enter a 20-year strategic alliance to sell life products via the bank’s distribution channels.

S&P Global Ratings says the transaction will not affect its A+ rating on OnePath.

“In our opinion, the standalone strength of [OnePath’s] life insurance business underpins the insurer’s creditworthiness and there continues to be no ratings uplift for implied group support,” S&P says.

The purchase follows Zurich’s acquisitions of Macquarie’s life business and the Cover-More Group, and signals its intent to be a major player in the industry.