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BRIEF-Commonwealth Bank Updates on Australian Life Insurance Business

Published 01/11/2019, 09:11 am
Updated 01/11/2019, 09:14 am
© Reuters.  BRIEF-Commonwealth Bank Updates on Australian Life Insurance Business
1299
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Nov 1 (Reuters) - AIA Group Ltd 1299.HK :

* RECEIVED AN UPFRONT PAYMENT FROM AIA OF $500 MILLION

* UPDATE ON DIVESTMENT OF AUSTRALIAN LIFE INSURANCE BUSINESS

* JOINT CO- OPERATION AGREEMENT WITH AIA AUSTRALIA LIMITED (AIA) IN RELATION TO CBA'S AUSTRALIAN LIFE INSURANCE BUSINESS HAS BEEN IMPLEMENTED

* COLONIAL MUTUAL LIFE ASSURANCE SOCIETY ALSO IMPLEMENTED REINSURANCE ARRANGEMENTS THAT ARE EXPECTED TO RESULT IN DISTRIBUTION TO CBA IN 1H FY2020

* FULL ECONOMIC INTERESTS ASSOCIATED WITH COMMINSURE LIFE HAVE BEEN TRANSFERRED TO AIA

* 25 YEAR AUSTRALIAN DISTRIBUTION AGREEMENT BETWEEN CBA AND AIA HAS ALSO COMMENCED

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