ClearView shareholders agree to $415m acquisition by Zurich

Shareholders of ASX-listed life insurer ClearView have voted in favour of an acquisition by Swiss-based peer Zurich, further consolidating the Australian life insurance market.

ClearView and Zurich entered into a scheme implementation deed in February, valuing the company at $415 million.

Crescent Capital Partners, ClearView’s largest shareholder group which holds 53 per cent of voting rights, previously informed the market of its intention to vote in favour of the acquisition.

On Monday morning, 99.34 per cent of the votes cast by shareholders were in favour of the acquisition.

Shareholders will be compensated 65 cents per share, which was a 21.5 per cent premium to the closing share price on 23 February of 53.5 cents, and a 20.4 per cent premium to the three-month volume weighted average up to that same date.

The acquisition has received approval from the Australian Competition and Consumer Commission, as well as the Australian Prudential Regulation Authority. Court approval for approval of the acquisition is required and is expected to be conducted by the end of the month.

Australia’s life insurance market has become dominated by a handful of foreign-owned specialists: TAL, Hong Kong-based AIA, Zurich and Nippon Life.

All four major banks, as well as AMP and Suncorp, owned life insurance businesses, but the fallout of the Hayne royal commission and so-called “Wexit” – the exit of banks from wealth – saw the transfer of ownership of the insurers and consolidation.

Zurich acquired ANZ’s OnePath for $2.85 billion in June 2019 and acquired Macquarie Life in 2016.

In 2016, Japan-based Nippon Life acquired an 80 per cent stake in NAB-owned MLC’s life insurance business, creating a standalone firm separate to MLC’s wealth arm. NAB later divested the remaining 20 per cent stake in December 2024.

AMP sold AMP Life to UK-based Resolution Life in 2020, which was acquired by Nippon Life for US$8.2 billion ($12.7 billion) in late 2024. The Australian arm of Resolution Life was merged with MLC life insurance, creating Acenda Life.

The Commonwealth Bank of Australia agreed to sell CommInsure Life to AIA for $2.38 billion in April 2021.

Westpac sold BT Life to TAL Dai-Ichi Life Australia, owned by Japan’s Dai-Ichi Life, in August 2022.

TAL purchased Suncorp’s life insurance business in 2019 and closed the brand to new business shortly after.

NobleOak remains the sole ASX-listed life insurance company.

ClearView previously divested its wealth arm, selling its majority ownership of ClearView Financial Advice and Matrix Planning Solutions to Centrepoint Alliance in 2021 and its remaining minority stake in 2023.