ANZ Bank said Tuesday it has offloaded its life insurance arm to Zurich for Aus$2.85 billion (US$2.14 billion), making the Swiss giant the country's largest retail life insurer by premiums.

It follows National Australia Bank selling most of its life insurance business to Japan's Nippon and Commonwealth Bank shedding its insurance arm to AIA in recent years as Australia's top lenders streamline operations.

Source: AFP