CBA sells CommInsure, Sovereign to AIA Group for A$3.8 billion

Wed, 20 Sep 2017

By Paul McBeth Sept. 21 (BusinessDesk) - Commonwealth Bank of Australia has sold its trans-Tasman life insurance businesses CommInsure Life and Sovereign Assurance for A$3.8 billion to global insurer AIA Group. 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. The deal, which is subject to various regulatory approvals in Australia and New Zealand, includes a 20-year partnership where CBA and its Kiwi subsidiary ASB B...

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