Economy

Insurer Sovereign sold to Asia's AIA

Insurer Sovereign sold to Asia's AIA”

That will lift CBA's CET1 ratio by about 0.7 per cent to 10.8 per cent, above the 10.5 per cent benchmark the Australian Prudential Regulation Authority has instructed the big banks to reach by January 2020.

Sovereign's parent company, the Commonwealth Bank of Australia (CBA), has today announced that it has agreed to sell its life insurance businesses in New Zealand (Sovereign) and Australia (CommInsure) to AIA Group Limited ("AIA") for AUD $3.8 billion.

The deal is the largest acquisition by AIA, at almost double the size of the insurer's 2012 purchase of a Malaysian asset held by ING Groep NV, according to data compiled by Bloomberg. The aggregate gross embedded value of CommInsure Life and Sovereign was AU$3.531 billion as at June 30 2017.

Australia and New Zealand chief executive Damien Mu said: "The scale and nature of the agreements with CBA and ASB represent an enormous step forward for AIA in the pursuit of our goal to make a difference in people's lives, and will significantly transform and expand our market-leading presence in Australia and New Zealand". We are the product of several mergers and acquisitions of our own - so the prospect of becoming part of the AIA family, as our industry continues to consolidate globally, is an exciting prospect. "We remain absolutely committed to our existing partners, and will be focused on ensuring that we continue to deliver the best possible outcomes for them and their customers".

CBA CEO, Ian Narev, says: "Providing our customers with access to high quality products and services for all their financial needs is core to our vision of securing and enhancing financial wellbeing". AIA was also among shortlisted bidders for Australia & New Zealand Banking Group Ltd.'s wealth unit, people familiar with the matter said in July.

"We look forward to welcoming our new team members from CommInsure and Sovereign in due course, and to building a successful partnership with CBA and ASB". The deal is expected to be completed by the end of 2018.



Like this

Latest


21 September 2017
Mattis: Diplomacy still leads in effort to denuclearize N. Korea
Mattis said the United States and Japan did not shoot it down because it did not pose a direct threat to either nation. North Korea has said it needs the capability to strike the US with a nuclear weapon to deter an American invasion.

21 September 2017
Ocean's Eight star reveals shocking pay details: 'It cost me money'
Munn is no doubt still trying to find her footing in Hollywood, but claims a recent experience in the movie world turned her sour. With a largely female cast including Sandra Bullock , Rihanna and Cate Blanchett , Ocean's Eight is set for release in June 2018.

21 September 2017
Download Google Play Store 8.2.37 APK for Android
So, that the app prevents sudden outburst of audio while connected to Bluetooth stereo in your vehicle or wired headsets. I've seen similar buttons on sites like Instagram, but the one on the Play Store does exactly what it says.

21 September 2017
Rumour: Darth Vader to appear in the Han Solo Star Wars spin-off
We are really proud of the fantastic and world-class work of our cast and crew". The Han Solo movie will be released in United Kingdom cinemas on May 25, 2018.

21 September 2017
Hamburger SV 0-3 Borussia Dortmund
Shinji Kagawa opened the scoring in the 24th minute and Pierre-Emerick Aubameyang added the second in the 63rd minute. For Pulisic, the goal was his second of the league season, and his first since the season-opener against Wolfsburg.

21 September 2017
Dan Mullen sees Georgia growing into same style defense as Alabama
The Bulldogs have racked up almost 300 yards rushing each game this season and that's been imperative to their success as a team. No one wanted Fitzgerald except Mississippi State , and it's turning into one of the best recruiting stories in a long time.

21 September 2017
Gal Gadot's Wonder Woman will appear in 'Flashpoint'
Flashpoint is expected to come out sometime in 2020, but we can check out all the characters in Justice League on November 17. Gal Gadot probably won't mind being known as Wonder Woman for the rest of her life, but she's still going to branch out.

21 September 2017
What Are Analysts Suggestions On Annaly Capital Management, Inc. (NLY)
The research firm scores the sentiment of media coverage by analyzing more than twenty million blog and news sources in real time. In a transaction dated August 08, 2017, the shares were bought at an average price of $12.14, giving away a sum of $214,878.

21 September 2017
Man Caught On Camera Returning Wallet To Family
According to Vang's post, her husband had lost his wallet, which had a stack of credit cards and almost two grand in cash inside. However, Vang didn't answer the door when Opdyke came knocking, because like many people she doesn't open the door to strangers.

21 September 2017
JUST IN: Court Strikes Out N1.6bn Fraud Charge Against Diezani
But the former minister prayed the court to strike out the count in the charges which indicted her. Justice Dimgba the adjourned trial of the substantive matter till October 5 and 6, 2017.



Recommended