AIA wraps up CommInsure transition

The insurer has announced the steps it will take to finalise its acquisition of the formerly CBA-owned life insurance brand.

CommInsure policyholders will receive a letter from AIA Australia and CommInsure Life, informing them of the intended transfer by way of scheme.

The transition will allow AIA to wrap up the acquisition of CommInsure from CBA.

All life insurance products and associated policies and services issued under the CommInsure, Colonial and Commonwealth Financial Services brands used by the Colonial Mutual Assurance Society Limited (CMLA) will transfer to AIA.

Advertisement
Advertisement

The life insurer has stated the scheme will not affect any policy terms and conditions, nor how policyholders and customers do business with their insurer.

The Federal Court is expected to consider the scheme at a hearing in March.

CBA completed its exit from CommInsure in 2019, receiving an upfront payment from AIA of $500 million.

The sale follows its business simplification strategy, where the bank has shed various brands across wealth and insurance.

AIA wraps up CommInsure transition
default
ifa logo

Subscribe to the ifa bulletin

Receive daily online news,analysis, reports and business strategies
By signing up you agree to our Terms of Use and Privacy Policy

from the web

Website Notifications

Get notifications in real time and stay up to date with content that matters to you.