Commonwealth Bank of Australia (CBA) has agreed to sell CommInsure Life to AIA Group for $150 million less than the original sale price, as it enters into further agreements to accelerate the long-delayed divestment of the life insurance business.
In September 2017, the ASX-listed bank struck a deal to sell the life unit to AIA for $3.8 billion, but due to being subjected to ongoing regulatory approval processes there has been an extended period of uncertainty for CommInsure Life. The previous deal included the unit’s New Zealand operations, which were transferred in 2018.
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