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Insurer AIA Group sells Australian savings and investments business -Breaking


© Reuters. FILEPHOTO: The AIA Group logo is shown on a smartphone positioned in front of an electronic screen showing the same logo. Illustration taken December 4, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters] – Asia-focused insurance company AIA Group (OTC) announced on Thursday that it would sell Australia’s savings and investments to Resolution Life Australasia. Resolution Life Australasia said it considers it “non-core” for its overall strategy.

AIA has not disclosed a sale price, but stated the business had approximately A$8billion ($5.77billion) in under-administration funds.

AIA Australia purchased the Australian savings & investment business (OTC:), which provides superannuation as well as retirement products from Commonwealth Bank of Australia.

Hong Kong-based AIA has found that mainland China is its largest market. This, along with Hong Kong, accounts for approximately half of their business.

($1 = 1.3862 Australian dollars)

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