Australia's CBA sells life insurance arm to AIA for US$3b

Australia's CBA sells life insurance arm to AIA for US$3b

Commonwealth Bank
A Commonwealth Bank of Australia (CBA) sign is seen on a building in Sydney. (William WEST/AFP)

SYDNEY: Australia's biggest bank, the Commonwealth, on Thursday (Sep 21) announced the sale of its Australian and New Zealand life insurance business to AIA for Aus$3.8 billion (US$3.0 billion).

The lender said the sale of CommInsure Life and Sovereign to the Hong Kong-listed firm includes a 20-year deal for it to distribute AIA life insurance products in Australia and New Zealand.

Source: AFP/de

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