Macquarie Sells Life Insurance Unit to Zurich Insurance
March 03 2016 - 11:42PM
Dow Jones News
By Robb M. Stewart
MELBOURNE, Australia--Macquarie Group Ltd. (MQG.AU) has agreed
to sell its life insurance business to the Australian arm of Zurich
Insurance Group AG (ZURN.VX), a move the Australian bank said
reflected the need for significant scale to drive returns in the
capital-intensive insurance industry.
The value of the deal wasn't disclosed, although Macquarie said
Friday it wasn't material.
The deal remains subject to regulatory and court approvals, and
is expected to be completed in the second half of 2016, Macquarie
said.
With the sale, Macquarie Life's staff in Australia will transfer
to Zurich and policyholders will become customers of Zurich
Australia with no change in the terms of their coverage, the two
companies said in separate statements.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
March 03, 2016 23:27 ET (04:27 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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