AIA Completes Acquisition of Commonwealth Bank of Australia’s Life Business
AIA Group in July 2018 completed the acquisition of Commonwealth Bank of Australia’s life insurance businesses in Australia and New Zealand.
According to AIA Group regional chief executive Bill Lisle, the acquisition will significantly transform and expand the company’s presence in New Zealand. The combined business, according to Lisle, will transform AIA’s scale and reach to become the market leader in New Zealand’s life insurance market.
In September 2017, AIA said the insurance deal also included a 20-year strategic distribution agreement with ASB Bank in New Zealand. AIA and Sovereign will continue to operate under their respective brands until a long-term brand strategy is announced. Both companies will continue to sell their respective products in the near term.