AIA sells Australian savings and investment business

AIA said that the business is no longer core to its business strategy.

AIA Group recently announced that its wholly-owned subsidiary AIA Australia Limited (AIA Australia) has entered into an agreement to sell its Australian Savings and Investments (S&I) business to Resolution Life Australasia Limited (Resolution Life), pending regulatory approval.

The Australian S&I business comprises an in-force portfolio of superannuation, retirement and investment products with more than AU$8b of funds under administration but predominantly closed to new business. The portfolio is a constituent part of the life insurance businesses that transferred to AIA Australia following the acquisition of The Colonial Mutual Life Assurance Society Limited from Commonwealth Bank of Australia (CBA).

AIA said that following a review of its Australian portfolio, it had concluded that the S&I business is non-core to its strategy to be the leading life, health, and wellness provider in Australia. It also doesn’t meet AIA’s financial criteria.

AIA said it will have no impact on its 25-year strategic bancassurance partnerships with CBA and ASB Bank Limited in Australia and New Zealand.

You may also like:

AIA Group creates new pan-Asian health insurtech venture

Allianz General offers solar PV insurance to Malaysians

Hong Kong insurance regulator warns public against phishing scams