May 29, 2018 / 11:44 PM / 6 months ago

ANZ Bank New Zealand sells life insurance business to Cigna Corp

May 30 (Reuters) - ANZ Bank New Zealand on Wednesday agreed to sell its New Zealand life insurance business to U.S-listed Cigna Corp for NZ$700 million ($482.4 million).

Australia and New Zealand Banking Group's New Zealand unit said the deal to sell OnePath Life NZ would add about 5 basis points to the parent's level 1 CET ratio.

It added the deal would generate a gain on sale of around NZ$50 million. ($1 = 1.4512 New Zealand dollars) (Reporting by Ambar Warrick in Bengaluru; Editing by Stephen Coates)

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