The sale price is multiple of 1.3x FY20 gross written premium and is estimated to result in a small post-tax gain on sale in FY 2021.
The new distribution arrangement expands the Group’s existing partnership with Allianz, which has seen Westpac distribute a range of Allianz’s products to customers including Auto, Travel, Boat and Business insurance since 2015.
Shares in Westpac Group (ASX:WBC) are trading 0.3 per cent lower at $20.23.