AIA Australia sells CommInsure S&I business to Resolution Life
AIA Australia has sold its superannuation and investments business to Resolution Life Australasia.
The company announced today that it had entered into an agreement with Resolution Life after having acquired the business as part of its acquisition of CommInsure.
“The business was purchased by AIA Australia as part of the acquisition of the Commonwealth Bank of Australia’s life insurance and investments business (known as “CommInsure Life”). It is an established superannuation, retirement and investment solutions provider, with more than $8bn funds under administration,” the announcement said.
Commenting on the move, AIA Australia chief executive and managing director, Damien Mu said that the transaction reflected AIA Australia’s intention to focus on its core business of life and health insurance and wellbeing services.
“Post the integration of CommInsure Life, we commenced the next step of our transformation journey, through which we will create a simpler, faster and more connected AIA. As part of this, we have sought to focus on life, health and wellbeing, in order to deliver on our dream of making Australia the healthiest and best protected nation in the world.
“We chose Resolution Life because their in-force business model is driven by a dedicated customer focus and the fact that superannuation and investments are a core part of their offering. We will now work closely with them to ensure a smooth transition for our people in Superannuation & Investments and the supporting teams, as well as our customers, partners and stakeholders.”
AIA Australia noted that there would be no change to the way in which policyholders and customers do business with AIA over the next 12 to 18 months.
“We will continue to focus on our purpose of making a difference in people’s lives and living and breathing our operating philosophy of doing the right thing in the right way with the right people,” said Mr Mu.
The Superannuation & Investments business will be transferred by way of a statutory asset transfer under Part 9 of the Life Insurance Act 1995 which is expected to complete within 12 to 18 months, subject to receipt of regulatory approvals.