AIA finalises sale of super and investments business
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.
AUTHOR
Rhea Nath
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