Insurer AIA Group sells Australian savings and investments business

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Illustration shows smartphone with AIA Group's logo displayed

– Asia-focused insurer AIA Group said on Thursday it would sell its Australian savings and investments business to local life insurance firm Resolution Life Australasia, noting it is “non-core” to its strategy.

AIA did not disclose a deal value for the sale, but said the business holds about A$8 billion ($5.77 billion) in funds under administration.

The Australian savings and investment business, which offers superannuation and retirement products, was acquired by AIA Australia from Commonwealth Bank of Australia in 2020.

Hong Kong-based AIA’s largest market is mainland China, which along with Hong Kong accounts for about half of its business.

($1 = 1.3862 Australian dollars)

(Reporting by Harshita Swaminathan; Editing by Subhranshu Sahu)

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