Who did AIA take over?

AIA Group acquired the CommInsure life insurance business in Australia from the Commonwealth Bank (CBA).

Details of the Acquisition

The acquisition involved a significant transaction in the Australian insurance sector, with AIA expanding its presence by taking over a well-established life insurance portfolio.

Here's a breakdown of the key aspects of the takeover:

• Seller: Commonwealth Bank (CBA)
• Acquired Business: CommInsure's life insurance business in Australia
• Acquirer: AIA Group (specifically, AIA Australia)

The timeline of this acquisition is as follows:

• September 2017: Commonwealth Bank (CBA) officially announced its intention to sell its CommInsure life insurance business to the AIA Group.
• April 1, 2021: The sale was formally completed. On this date, CBA transferred the CommInsure life insurance business over to AIA Australia, marking the full transition of ownership.

This strategic move allowed AIA to significantly grow its life insurance operations in the Australian market, integrating CommInsure's existing customer base and policies into its portfolio.

Key Acquisition Information

For a quick overview of the acquisition details, refer to the table below:

This transaction solidified AIA's position as a major player in the Australian life insurance landscape, absorbing CommInsure's operations and continuing services under its new ownership.