HONG KONG, 1 November 2019 - AIA Group Limited (‘AIA”; or the “Company”; stock code 1299) is pleased to announce the execution of the Joint Cooperation Agreement between AIA Australia Limited (“AIA Australia”) and Commonwealth Bank of Australia (“CBA”) under the alternative completion structure and arrangements for the purchase of CBA’s life insurance business (known as “CommInsure Life”), The Colonial Mutual Life Assurance Society Limited (“CMLA”) and certain affiliated companies1, which was announced on 23 August 2019.
The Joint Cooperation Agreement allows for an agreed management and oversight structure to be implemented, enabling AIA to exercise an appropriate level of direct management control and oversight of both the AIA Australia and CMLA businesses while awaiting the final completion through either a share sale as originally contemplated or an asset transfer mechanism.
Additionally, the strategic bancassurance partnership between AIA Australia and CBA in Australia has been extended to 25 years and is also now in effect.
The strategic bancassurance partnership with ASB Bank Limited in New Zealand, which became effective on 2 July 2018 upon the completion of the acquisition of Sovereign Assurance Company Limited, is also extended to 25 years.