Zurich Financial Services Australia (Zurich) has sold its advisory group Financial Lifestyle Solutions (FLS) to Millennium3 Financial Services.
"The sale of FLS completes the process of divesting ownership of non-core assets, as part of Zurich's ongoing business review," Zurich chief executive David Smith said.
"Zurich has a very clear model in Australia as a risk manufacturer in both life and general insurance, providing quality services to intermediaries.
"The sale is a further step in transforming Zurich's basic operating processes to enable us to pursue profitable growth."
Under the terms of the sale, Millennium3 has agreed to on-sell FLS' general insurance business to Insurance Advisernet Australia (IAA), which is part of the Austbrokers network.
"Millennium3 has a close working relationship with Austbrokers and this will be a good strategic fit for both parties," Millennium3 joint managing director Darryl Foster said.
FLS was a good fit for Millennium3 and would increase ING's adviser distribution footprint, ING Australia chief executive Harry Stout said
"With funds under management of more than $1.1 billion, as well as major life ($23 million in-force) and general insurance distribution businesses, FLS is a high quality dealer group that will enhance Millennium3's presence in the financial services marketplace," Stout said.
FLS is a national advisory group with more than 141 financial advisers and general insurance brokers.
Millennium3 is one of Australia's largest financial services adviser groups and is 100 per cent owned by ING Australia.
