| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
| Decision Maker | Overseas Investment Office |
| Decision Date | 28 September 2018 |
| Investment | An overseas investment in significant business assets only, being the Applicant's acquisition of rights or interests in 100% of OnePath Life (NZ) Limited (OnePath), the consideration of which exceeds $100m. |
| Consideration | $700,000,000 (approx.) |
| Applicant | Cigna Corporation United States Public (60.828%) Various overseas persons (17.21%) The Vanguard Group, Inc., United States of America (7.044%) T. Rowe Price Associates, Inc., United States of America (6.998%) United Kingdom Public (6.03%) Canada Public (1.89%) |
| Vendor | ANZ Wealth New Zealand Limited Australian Public (97.65%) New Zealand Public (1.34%) Various overseas persons (1.01%) |
| Background | OnePath is a licensed health insurance business that provides personal life, trauma and income cover, and certain types of business insurance in New Zealand. The Applicant already operates in New Zealand. This Investment will enable the Applicant to provide broader insurance solutions in New Zealand and access to a larger customer base. The Investment requires consent because the value of OnePath’s assets and the consideration for the transaction each exceed $100 million. The Applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment. |
| More information | Glenn Shewan Bell Gully PO Box 4199 AUCKLAND 1140 |