The completion of the sale marks the start of a 20-year agreement for Zurich to provide life insurance products to relevant ANZ customers through the bank's channels.
ANZ Group Executive Wealth, Alexis George said: "The completion of this sale demonstrates a significant step in our strategy to simplify ANZ while also providing ongoing support for our customers who want protection with life insurance solutions.
"Importantly, current ANZ and OnePath life insurance customers will continue to receive the same high quality service and solutions from Zurich, a global insurer with a strong track record of service and innovation."
From today, more than 500 former ANZ staff members have joined Zurich as part of the transaction.
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