Insignia completes sale of investment bond business

Australian Unity has confirmed it has completed the acquisition of the IOOF friendly society and its $1.1 billion investment bond business from Insignia Financial.

In an announcement released to the Australian Securities Exchange (ASX) Aiustralian Unity and Insignia said that Insignia would continue to provide a number of services to Australian Unity under a transitional services agreement for an initial period of 12 months.

Australian Unity said the acquisition aligned with its strategic priority to provide innovative products and services that meet health and financial wellbeing needs of members and customers.

“The acquisition – which will result in a customer base of more than 175,000 and estimated investment bond funds under management (FUM) of more than $3.5 billion – strengthens the Group’s position as a leader in the investment bond sector,” it said.