Australia's HBF acquires CUA's health business

CUA will use the funds from the sale to boost its banking line.

Credit Union Australia (CUA) has sold its health insurance business to Perth-based private health insurer HBF for an unspecified amount.

As part of a rebranding, CUA will use the funds from the sale to strengthen its banking business and help clients with home ownership.

HBF and CUA have also entered into a five-year partnership agreement to market health insurance products to banking clients.

CUA Health’s approximately 79,000 members will see no immediate change, with the majority expected to benefit from lower premiums, enhanced benefits, or both as HBF members. 

All CUA employees currently working in the health insurance line will be offered a role with HBF in Brisbane.