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NAB to tie up with Nippon Life Insurance

National Australia Bank has entered into an agreement with Nippon Life Insurance Company of Japan with a view to entering a long-term partnership in life insurance product manufacturing that could improve returns in NAB’s underperforming wealth business. On the other hand ANZ Bank said it would sell its OnePath Life medical insurance book in New Zealand. The deal is worth $22.6 million. NAB said discussions with Nippon Life are ongoing, but nothing has been decided, and any potential future transaction is uncertain and subject to regulatory approvals. ANZ said in an announcement that OnePath Life has about 20,000 medical insurance policies covering 44,000 people in New Zealand. According to a spokesperson of ANZ, medical insurance is a specialist business and this sale will enable us to focus on its core life insurance business with minimal impact on existing policyholders. The deal is subject to approval from the Reserve Bank of New Zealand. ANZ had earlier sold its Esanda car dealership finance business to Macquarie.

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