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Resolution Life acquires superannuation business

In Australia, Resolution Life has acquired a substantial superannuation client base from AIA. From a New Zealand perspective this underlines AIA's Australasian commitment to focus on the life and health business. From the media release:

'Resolution Life Australasia has agreed to acquire AIA’s Superannuation & Investments business for an undisclosed amount, describing the move as one that will “strengthen” its market presence...

S&P Global ratings says the proposed acquisition will improve Resolution Life’s scale in the Australian market and drive operational efficiencies.

“The purchase supports our assessment of the insurer as a closed-fund consolidator – a stronger business model than that of a pure run-off,” the rating agency said.

AIA says the assets it has agreed to sell were purchased as part of its acquisition of the Commonwealth Bank of Australia’s life insurance and investments business known as CommInsure Life. Australia CEO and MD Damien Mu says the sale reflects AIA’s intention to focus on its core business of life and health insurance and wellbeing services. “Post the integration of CommInsure Life, we commenced the next step of our transformation journey, through which we will create a simpler, faster and more connected AIA,” Mr Mu said.'

Link: https://www.insurancenews.com.au/life-insurance/resolution-life-agrees-to-buy-aia-super-business

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