Zurich Australia has finalised the transfer and integration of the life insurance business of OnePath Life, after submitting a Federal Court application for the arrangement.

The insurer made the court application jointly with OnePath Life to transfer over the latter’s life insurance business. Zurich completed its $2.85 billion acquisition of ANZ’s OnePath life insurance business in 2019.

Zurich says the court last month confirmed the Scheme for the transfer of the business under Part 9 of the Life Insurance Act 1995.

“The completion transfers OnePath Life’s assets and liabilities, including all life insurance policies issued by OnePath Life, to Zurich from August 1 2022,” Zurich says.

“OnePath Life will, however, continue to retain assets to meet regulatory capital requirements.”

Zurich says OnePath Life policies are now treated as if they had been issued and administered by Zurich rather than OnePath Life.

“For OnePath Life policy owners – other than a change to the insurer and statutory fund to which it is referable – these policies continue to operate and be administered in the same way,” the insurer says.