AIA buys Commonwealth Bank's life unit for A$3.8b
The two parties will team up for 20 years under the deal to provide life insurance products to customers in Australia and New Zealand
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AIA Group Ltd agreed to buy Commonwealth Bank of Australia's (CBA's) life insurance business for A$3.8 billion (S$4.07 billion), in its most ambitious foray beyond the Hong Kong-based company's core markets in Asia.
AIA will team up with Commonwealth Bank for 20 years under the deal to provide life insurance products to customers in Australia and New Zealand, Sydney-based CBA said in a statement on Thursday. The deal would make AIA the biggest life insurer in Australia and New Zealand, giving it access to 13 million customers of the largest retail bank in Australia and second-largest retail bank in New Zealand, a number equal to more than 40 per cent of the combined population of the two countries, the insurer said on Thursday.
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