Zurich has completed its acquisition of ANZ’s OnePath life insurance business, giving it the largest financial adviser distributor channel in the country.

It leaves Zurich with about 20% share of the retail life market and 6% of group life, accessing up to 6 million customers through its 20-year distribution agreement with ANZ.

About 500 employees have joined the insurer under the sale. A combined leadership team will take over the business.

“Asia-Pacific is a key region for Zurich and this deal adds further complementary products and additional bancassurance distribution capacity in the region,” CEO Mario Greco said.

Zurich and OnePath brands will compete in the open market. Zurich Life and Investments CEO Tim Bailey says continued investment in both brands is important when advisers are demanding more choice and innovative ways to meet client needs.