Western Australia-based health fund HBF has offloaded its general insurance business to CGU for an undisclosed sum.
"It means we'll continue to distribute competitive general insurance products but these will now be provided by an insurer with all the advantages that scale provides."
The majority of HBF's general insurance team in Perth will be transferred to CGU under the agreement, Mr Bransby said.
Mr Bransby said the sale of the general insurance division would allow HBF to focus on its core business of health insurance.
"Although HBF is a not-for-profit organisation, we have a responsibility to be commercially focused to ensure we build our financial strength for the good of our members, and this deal does exactly that," Mr Bransby said.