AIA finalises sale of super and investments business

AIA/Resolution-Life/Superannuation/

4 July 2023
| By Rhea Nath |
image
image image
expand image

First announced in February 2022, the sale of AIA Australia’s superannuation and investments business to Resolution Life has now been finalised.  

It has been completed by way of a statutory transfer approved by the Federal Court of Australia, effective 1 July 2023.

It marks the first portfolio acquisition for Resolution Life, which will now see assets under management grow by some $7.1 billion. Over 144,000 AIA Australia customers will join its existing 1.1 million Australasian consumer base. 

Damien Mu, AIA Australia’s chief executive and managing director, explained both parties have been “working closely” to ensure a smooth transition. 

“The incredible superannuation and investments team has moved across to Resolution Life so customers, partners, and stakeholders can expect the same high levels of service and support,” Mu said.

The acquisition from AIA Australia will complement Resolution Life’s existing local business operations that has approximately $30 billion in assets under management. 

Globally, Resolution Life operates in Bermuda, the UK, the US, Australia, and New Zealand. 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 4 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

3 weeks 5 days ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 4 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 3 days ago

TOP PERFORMING FUNDS