CBA Selling Life Insurance Businesses for A$3.8 Billion

Commonwealth Bank sells CommInsure Life and Sovereign to AIA for $3.8b

Commonwealth Bank sells CommInsure Life and Sovereign to AIA for $3.8b

The acquisition, which is subject to regulatory approval on both sides of the Tasman, would catapult AIA into a market leading position across Australasia and will start boosting earnings once it's completed. His appointment follows news of the finalisation of the agreement for divestment of the group's Australian and New Zealand life insurance businesses, and the December 2017 departure of group executive wealth management, Annabel Spring.

The sale is a quick turnaround for Australia's biggest lender, which touted the exit of its life insurance businesses last month after the units attracted potential buyers.

AIA's shares rose 0.08 per cent to HK$60.1 in early trade on Thursday after announcing the deal before the market opened. It expects the deal to close next year. Colonial has A$219 billion in assets under management.

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Commonwealth Bank of Australia appointed a new chief operating officer of wealth management. It is expected to result in an accounting loss of about A$300 million after tax.

It then said in a separate statement that it had fired off a strategic review of its asset management unit, which manages around Aus$219bn (£128bn) in assets, with an IPO among the options being considered.

The scandal was one of a series of crises that has rocked CBA in recent times, culminating in allegations of systemic breaches of money-laundering and terror-financing laws that could expose it to billions of dollars in fines. The CommInsure business has faced intense public and political scrutiny after accusations it wrongly failed to honor insurance claims to sick clients. ANZ is in the process of selling its wealth arm, which includes life insurance and fund management operations, as part of a plan to dispose of legacy assets and focus on its core business.

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The Commonwealth Bank has announced wealth management group executive Annabel Spring is leaving the bank and its beleaguered life insurance business Comminsure will be sold to AIA.

JPMorgan Chase & Co. was the financial adviser to CBA on the deal, and Evercore Inc. advised AIA.

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