Zurich Insurance Group AG has completed the acquisition of Australia & New Zealand Banking Group Ltd.'s life insurance business, OnePath Life Ltd.

The company announced the US$2.14 billion deal with ANZ in December 2017.

The terms of the transaction include a 20-year agreement that will allow Zurich Insurance's life insurance products to be distributed through ANZ's bank channels. The insurance group expects to have a market share of around 20% in retail life and 6% in the local group life markets through the acquisition.