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Voice of the Commonwealth - The Global Influencer

Voice of the Commonwealth - The Global Influencer

AIA to sell part of its Australian assets

Sydney, Australia (CU)_ According to the media, AIA Group Ltd (AIA) is planning to sell part of its life insurance assets in Australia to Resolution Life. According to close sources familiar with the subject who requested anonymity, the plan of selling Australian life insurance assets is one of AIA’s plans to simplify its portfolio. According to the media sources, the company identified Resolution Life as the most likely bidder for selected policies associated with the insurance giant’s 2017 acquisition of the Commonwealth Bank of Australia’s (CBA) life insurance division.

This deal may help AIA raise several hundred million dollars, and the company is already in discussions with financial consultants about the subject, which has sparked interest from other buyers, including private equity groups. However, the close sources stated that discussions are still ongoing and that final decision is yet to be reached.

insurancebusinessmag.com

The sale of AIA’s Australian life insurance properties comes on the heels of the company’s sale of over US$10 billion investment in coal mining and coal-fired power assets in response to pressure on financial corporations to exit the industry. Additionally, the insurer stated that it will refrain from making any new investments in companies that are directly engaging in coal mining or coal-fired power generation.

During a Hong Kong interview, Lee Yuan Siong, Chief Executive Officer of AIA, revealed that the insurance company has invested in green bonds and maintains an exclusion list to guarantee that it does not invest in polluting sectors. Additionally, it assists the businesses in which it invests in to lower their carbon impact.

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