The acquisition is expected to close by the end of next year and will make the firm the largest retail life insurer in Australia with a market share of about 19%. (AP Photo)

(Bloomberg) – Zurich Insurance Group AG, Switzerland’s largest insurer, agreed to acquire Australia & New Zealand Banking Group Ltd.’s life-insurance businesses for A$2.85 billion ($2.2 billion).

The deal for OnePath Life will be earnings-accretive from the beginning and increase the firm’s return on equity, Zurich Insurance said in a statement. The acquisition is expected to close by the end of next year and will make the firm the largest retail life insurer in Australia with a market share of about 19%.

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