AIA Group explores divestment of Australian life insurance assets

Hong Kong-based insurance firm AIA Group is weighing the divestment of some of its life insurance legacy assets in Australia to streamline its portfolio, reported Bloomberg.


Resolution Life has likely emerged as the potential buyer for the assets up for sale, reported the publication, citing people familiar with the matter.

AIA Group is looking to divest policies associated with the acquisition of life insurance business of Commonwealth Bank of Australia.

The insurance major is in converses with counselors for potential divesture, the sources said, adding that different purchasers including private value investors have additionally shown interest in acquiring the resources.

The consultations are still on and a final choice is yet to be made.

In September 2017, AIA Gathering expedited an arrangement with Region Bank of Australia to purchase its life insurance businesses in Australia and New Zealand for AUD3.8bn ($2.74bn).

Last year, AIA Gathering reported plans to purchase a 24.99% stake in China Post Life Insurance for $1.86bn to tap learning experiences in China.

Goal Life was additionally as of late in the news after financial administrations organization AMP declared plans to sell its 19.13% value stake in auxiliary Goal Life Australasia (RLA).

According to its site, Goal Life centers around the procurement and the executives of arrangement of life insurance strategies.

With activities in the UK, the US, Australia and New Zealand, it professes to have spent more than $17bn of value for the obtaining, reinsurance, combination and the board of life insurance organizations.

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