The $4.15 billion deal sees AIA acquire CommInsure in Australia and Sovereign in New Zealand.
AIA has entered a 20-year strategic distribution agreement with ASB.
AIA group regional chief Executive Bill Lisle said, “We are delighted to have completed our acquisition of Sovereign, which is set to significantly transform and expand our presence in New Zealand. We expect it will deliver a highly positive outcome for our customers, partners and advisers here, as well as our fantastic team of employees.”
The AIA Group is the largest life insurer in the world by market capitalisation, with a presence in 18 markets in the Asia-Pacific region. AIA serves the holders of more than 30 million individual policies and over 16 million participating members of group insurance schemes.
The combined business will transform AIA’s scale and reach to become the market leader in New Zealand’s life insurance market.
Lisle said: “This deal represents only the beginning of our long-term vision in New Zealand. We are committed to helping as many people as possible to live healthier, longer, better lives, through our market-leading programs such as AIA Vitality and our Rehabilitation and Return to Work programme.
“Our new long-term partnership with ASB is a significant opportunity for AIA in New Zealand. We are confident that ASB’s distribution network, combined with AIA’s regional bancassurance capabilities and life insurance product expertise, will deliver strong insurance propositions for our customers.”
AIA New Zealand and Sovereign will continue to operate under their respective brands for the immediate future and until a long-term brand strategy is announced. Both AIA and Sovereign will continue to sell their respective products in the near term.
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