Decision Consent granted
Section 13(1)(a) Overseas Investment Act 2005
Decision MakerOverseas Investment Office
Decision Date28 September 2018
InvestmentAn 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.)
ApplicantCigna 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%)
VendorANZ 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 informationGlenn Shewan
Bell Gully
PO Box 4199
AUCKLAND 1140