AIA extends role in Australian, NZ life-insurance markets
AIA Group has reached agreement with the Commonwealth Bank of Australia – subject to regulatory and governmental approvals – to acquire CommInsure Life and Sovereign, CBA’s life-insurance business in Australia and life and health insurance businesses in New Zealand.
AIA will also enter into 20-year strategic bancassurance partnerships with CBA in Australia and ASB Bank Limited in New Zealand.
“This transaction provides a highly attractive opportunity to transform AIA’s businesses in Australia and New Zealand by extending our protection-market leadership positions and expanding our distribution capabilities through strategic long-term partnerships with leading retail banks in these markets,” said AIA chief executive and president Ng Keng Hooi.
“The transaction will generate substantial financial benefits for our shareholders by enabling us to deliver further profitable new business growth by leveraging AIA’s capabilities and leading product solutions.”
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