ANZ sells New Zealand life insurance arm to Cigna Corp for $482.4m

ANZ sells New Zealand life insurance arm to Cigna Corp for $482.4m

Pedestrians walk past a woman as she looks at her iPhone in front of a sign announcing a new branch of the Australia and New Zealand Banking Group Ltd. Photo: Reuters

ANZ Bank New Zealand agreed to sell its New Zealand life insurance business to U.S-listed Cigna Corp for NZ$700 million ($482.4 million), as its parent boosts its capital base by hiving off non-core businesses.

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