ANZ completes sale of life insurance unit

ANZ has completed the $2.85 billion sale of its Australian life insurance business to global giant Zurich, with about 500 staff transferring.

ANZ has completed the $2.85 billion sale of its Australian life insurance business to Zurich. (AAP)

ANZ has completed the $2.85 billion sale of its Australian life insurance business to global giant Zurich.

The sale of the OnePath Life unit was first announced 18 months ago and reduces ANZ's staff count by more than 500, with the employees transferring to Zurich.

ANZ will still provide life insurance products through various bank channels, but they will be supplied by Zurich under a 20-year agreement.

"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," ANZ wealth executive Alexis George said.

"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."

Shares in ANZ were worth $27.88 before the market open on Monday, 2.1 per cent lower than before the deal was announced in December 2017.