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Westpac completes sale of general insurance business to Allianz


Westpac
Following the announcement on 2 December 2020 of its intention to sell Westpac General Insurance Limited and Westpac General Insurance Services Limited to Allianz, Westpac Group today announced it has completed the sale for $725m and entered into an exclusive 20-year agreement for the distribution of general insurance products to Westpac’s customers.
A further payment of $25m is expected to be received by Westpac this calendar year subject to integration milestones, with contingent payments over the next five years in addition to ongoing payments under the distribution agreement.
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Westpac expects to report a gain on sale of approximately $61m, subject to the finalisation of completion adjustments and separation costs, that will be included in Westpac’s Full Year 2021 results and classified as a ‘notable item’. The sale has added approximately 12 basis points to Westpac’s common equity Tier 1 capital ratio. ....

Jason Yetton , Westpac Group , Specialist Businesses Group Strategy , Insurance Services Limited To Allianz , Westpac General Insurance Limited , Westpac General Insurance Services Limited , Full Year , Group Chief Executive Specialist Businesses , Group Strategy , வெஸ்ட்பேக் குழு , நிபுணர் வணிகங்கள் குழு மூலோபாயம் , காப்பீடு சேவைகள் வரையறுக்கப்பட்டவை க்கு அலையன்ஸ் , வெஸ்ட்பேக் ஜநரல் காப்பீடு வரையறுக்கப்பட்டவை , வெஸ்ட்பேக் ஜநரல் காப்பீடு சேவைகள் வரையறுக்கப்பட்டவை , முழு ஆண்டு , குழு மூலோபாயம் ,

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