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ANZ Life Unit Sold to Zurich Insurance for $2.2 Billion

  • Swiss firm to acquire ANZ’s life unit for $2.2 billion
  • CEO Greco signaled last month he wanted to boost dividends
Updated on

Zurich Insurance Group AG’s decision to acquire the life-insurance businesses of Australia & New Zealand Banking Group Ltd. should help Switzerland’s biggest insurer fulfill its ambition to increase its dividend.

Already famous as a dividend stock, Zurich signaled last month that it wanted to boost payouts to investors. The A$2.85 billion ($2.2 billion) deal for OnePath Life will be earnings-accretive from the start and increase the firm’s return on equity, the Swiss company said on Monday -- potentially helping Chief Executive Officer Mario Greco realize his goal.