ANZ Bank New Zealand Limited has agreed to sell OnePath Life NZ Limited for NZ$700 million to Cigna Corporation, a specialist insurance business. ANZ New Zealand's Investment Management business is not part of the sale. The bank said this transaction "represents a slight premium to embedded value and is expected to generate a gain on sale of around NZ$50 million, increasing ANZ Group's Level 1 and Level 2 CET1 ratios by around five basis points and 15 basis points, respectively". ANZ New Zealand CEO David Hisco said the sale included a 20-year strategic alliance for Cigna to provide insurance solutions for ANZ bank customers and is consistent with ANZ's strategy to simplify its business.  "This is consistent with how we provide motor vehicle, home, commercial and travel insurance using a range of specialist insurance partners," Hisco said. OnePath Life policyholders in New Zealand will continue to receive the cover they hold under the terms of their policies and it is intended all staff involved will be offered similar roles with Cigna or ANZ.  Cigna New Zealand CEO Gail Costa said the acquisition and strategic alliance diversified Cigna's distribution capabilities.The sale remains subject to regulatory approval and is expected to complete in FY19.