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The bank said, "We are in discussions with third parties in relation to their potential interest in our life insurance businesses in Australia and New Zealand", as it reported a full-year profit of $9.88 billion and raised dividends for shareholders.
"The outcome of those discussions is uncertain. While the discussions may lead to the divestment of those businesses, we will also consider a full range of alternatives, including retaining the businesses, reinsurance arrangements or other strategic options."
Sovereign CEO, Nick Stanhope, said in a statement, “This morning we have briefed our teams. We have also shared with them that CBA has reaffirmed that the provision of insurance products to its customers remains core to its vision.”
“CBA also sees Sovereign as a strong business with scale, expertise, competitive products and access to attractive distribution channels. So in the meantime while these discussions take place it remains ‘business as usual’ for our people, advisers and customers,” says Stanhope.
CBA will keep the market informed of material developments as and when appropriate.
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