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Report: ANZ receives final bids for New Zealand life insurance biz

Australia & New Zealand Banking Group Ltd. has received final bids for New Zealand-based life insurance business OnePath Life (NZ) Ltd., including one from Partners Life Ltd., The Australian reported May 11, citing sources.

American International Group Inc. may also have submitted a final bid, sources added. ANZ is reportedly set to announce the sale of OnePath Life (NZ).

AIA and Partners Life were previously thought to have been interested in UDC Finance, for which ANZ is now reportedly considering an IPO.

The OnePath Life (NZ) sale is part of a series of divestments ANZ has made in recent years, including the sale of its Australian life insurance business to Zurich Insurance Group AG and its wealth management operations to IOOF Holdings Ltd.