Resolution Life Australasia to Acquire AIA Australia Limited’s Superannuation & Investments Business
Posted on 02/24/2022
Resolution Life Australasia (Resolution Life), a life insurer focused on the acquisition and management of life insurance policies, entered into an agreement with AIA Australia Limited to acquire its Superannuation & Investments business. The deal will increase Resolution Life’s funds under management and administration by more than A$ 8 billion and result in circa 162,000 AIA Australia customers joining Resolution Life’s existing 1.1 million Australasian customer base.
Superannuation, investment and retirement products are a core part of Resolution Life’s portfolio and AIA Australia’s Superannuation & Investments business will complement this existing business. AIA’s Superannuation & Investment business will be fully integrated into Resolution Life’s local business operations where policyholders will benefit from Resolution Life’s dedicated focus on existing customers and significant investment in technology, digital and AI capabilities.
The acquisition is subject to regulatory approvals and is expected to close within 12 to 18 months. Under the terms of the agreement AIA Australia will continue to provide transitional services for up to eighteen months after the close.
Advisors
Resolution Life is advised by Deutsche Bank.
Resolution Life Group is a global life insurance group focusing on the acquisition and management of portfolios of life insurance policies. Since 2003 to date, prior Resolution entities together with Resolution Life have deployed circa US$ 17 billion of equity in the acquisition, reinsurance, consolidation and management of life insurance companies.
Resolution Life Australasia is part of the Resolution Life Group.
AIA Australia is a life insurance specialist. In July 2017, AIA and its partners launched AIA’s health insurance business, now known as AIA Health Insurance.
