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AIA selling Australian S&I business

AIA Group has reportedly agreed to sell its Australian superannuation and investments (S&I) business to Resolution Life for an undisclosed amount. According to a Bloomberg report, the Asian insurance firm is transferring more than AUD8bn (USD5.7bn) in funds under management. The sale involved policies that date back to the Hong Kong-based insurer's acquisition of Commonwealth Bank of Australia's life insurance business in 2017. The deal will trim AIA's portfolio while adding 162,000 new customers to Resolution Life's existing 1.1 million in the region. Resolution Life has invested more than USD17bn of equity into the purchase, reinsurance, consolidation, and management of life insurance firms since 2003, according to its website. The said insurer has operations in Bermuda, the UK, the US, Australia, and New Zealand.

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