nib buys ANZ medical insurance book

Health insurer nib is buying the New Zealand medical insurance book of ANZ's OnePath Life in a $22.6 million deal.

ANZ is offloading its medical insurance business in New Zealand to health insurer nib for $22.6 million.

ANZ will sell the OnePath Life medical insurance book, which has about 20,000 policies covering 44,000 people, to nib NZ.

Managing director at nib Mark Fitzgibbon said the deal, which is subject to regulatory approval, is consistent with nib's strategy to grow the New Zealand private health insurance market and its overall market share.