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CGU Insurance has formed a partnership with Australia and New Zealand Banking Group (ANZ) to offer general insurance solutions to the bank’s retail customers.

Under the alliance, CGU will underwrite home, landlord and motor insurance solutions.

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With the partnership, ANZ customers can buy new policies and will be allowed to renew their existing ANZ policies with CGU as of next month.

CGU is part of Intermediated Insurance Australia (IIA), a division of Insurance Australia Group (IAG).

The long-term deal with ANZ is expected to support IIA’s goal of making an insurance profit of at least A$250m ($166.71m) in the financial year 2024.

IIA group executive Jarrod Hill said: “Today marks a significant milestone as we launch our mutually beneficial partnership with ANZ, enabling banking customers to access our market-leading insurance products and services, with a focus on strengthened digital capabilities and a seamless customer experience.

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“Key to securing the partnership was the integration of our new digital platform and we look forward to using this technology to offer a dynamic experience for customers, not only at the start when a policy is taken out but more critically, through the claims journey.

“As ANZ’s largest general insurer, we also bring our well-established claims management expertise and ability to scale our support for customers in their time of need, particularly during major weather events.”

Last week, the Australian Federal Court imposed a A$40m fine on Insurance Australia Limited (IAL), another IAG subsidiary.

The court found that during the time of renewal of insurance policies, IAL failed to fulfil its pricing promise by not providing clients with the full amount of loyalty and no claims bonus savings.