Hong Kong, 24 February 2022 – AIA Group Limited (“AIA” or the “Company”; stock code: 1299) announces that its wholly-owned subsidiary AIA Australia Limited (“AIA Australia”) has entered into an agreement to sell its Australian Savings and Investments (S&I) business to Resolution Life Australasia Limited (“Resolution Life”).
The Australian S&I business comprises an in-force portfolio of superannuation, retirement and investment products with more than AUD8 billion(1) of funds under administration but predominantly closed to new business. The portfolio is a constituent part of the life insurance businesses that transferred to AIA Australia following the acquisition of The Colonial Mutual Life Assurance Society Limited from Commonwealth Bank of Australia (CBA).
Following a review of the overall portfolio in Australia, AIA concluded that the S&I business is non-core to AIA’s strategy to be the leading life, health and wellness provider in Australia and does not meet AIA’s financial criteria. This transaction demonstrates the Group’s financial discipline and commitment to deliver long-term sustainable value for shareholders.
There is no impact on AIA’s 25-year strategic bancassurance partnerships with CBA and ASB Bank Limited in Australia and New Zealand respectively.
The transaction is subject to regulatory approval.