CGU Insurance has finalised a long-term distribution agreement with ANZ, to become the general insurance underwriter for ANZ retail banking customers.

The agreement will see CGU providing ANZ’s retail banking customers with home, landlord and motor insurance products.

CGU, part of IAG’s Intermediated Insurance Australia (IIA) business led by Group Executive Jarrod Hill, is one of Australia’s leading commercial, rural and personal lines insurers.

Mr Hill said: “ANZ is a company that aligns well with the values and purpose of CGU, and our broader IAG business. As purpose driven organisations, we are committed to delivering market leading products and services to our customers.

“We’re excited about the mutual benefits and enhanced customer experiences that we will deliver through this agreement. CGU’s continual focus and investment in strengthening our digital capabilities along with our well-established claims expertise to effectively manage claims, particularly during major natural peril events nationally, were fundamental in securing this agreement.

“We look forward to working with ANZ on this long-term relationship, where our emphasis will be on delivering increased customer value through a streamlined, digitally enabled model and high-quality products and services.”

ANZ Managing Director Retail Banking Kath Bray said: “We’re pleased to partner with CGU to bring our customers continued support for their insurance needs and further improve their financial wellbeing. We know CGU will be able provide high quality service and support for customers who want to protect the things that matter most to them.”

The agreement complements IIA’s strong history of distribution through Financial Institutions, further enhances and leverages the scale of its Intermediated Personal Lines portfolio and contributes to its target of achieving a $250m insurance profit by FY24, with the business continuing to optimise its portfolio and enhance its digital capability.