Insurer AIA Group sells Australian savings and investments business

Asia-focused insurer AIA Group said on Thursday it would sell its Australian savings and investments business to local life insurance firm Resolution Life Australasia, noting it is"non-core" to its strategy.

AIA did not disclose a deal value for the sale, but said the business holds about A$8 billion in funds under administration. The Australian savings and investment business, which offers superannuation and retirement products, was acquired by AIA Australia from Commonwealth Bank of Australia in 2020. Hong Kong-based AIA's largest market is mainland China, which along with Hong Kong accounts for about half of its business.

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