AIA Australia To Sell Australian Savings And Investments Business To Resolution Life

AIA Group Limited (AAIGF.PK,AAGIY.PK) said that its wholly-owned subsidiary AIA Australia Limited has agreed to sell its Australian Savings and Investments business to Resolution Life Australasia Limited.

The Australian Savings and Investments business comprises an in-force portfolio of superannuation, retirement and investment products with more than A$8 billion of funds under administration but predominantly closed to new business.

The portfolio is a constituent part of the life insurance businesses that transferred to AIA Australia following the acquisition of The Colonial Mutual Life Assurance Society Limited from Commonwealth Bank of Australia.

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