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Insurer AIA Group sells Australian savings and investments business

Published 02/23/2022, 08:18 PM
Updated 02/23/2022, 08:20 PM
© Reuters. FILE PHOTO: AIA Group logo is pictured on a smartphone in front of an electronic display showing the same logo in this illustration taken, December 4, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters) - Asia-focused insurer AIA Group (OTC:AAGIY) said on Thursday it would sell its Australian savings and investments business to local life insurance firm Resolution Life Australasia, noting it is "non-core" to its strategy.

AIA did not disclose a deal value for the sale, but said the business holds about A$8 billion ($5.77 billion) in funds under administration.

The Australian savings and investment business, which offers superannuation and retirement products, was acquired by AIA Australia from Commonwealth Bank of Australia (OTC:CMWAY) in 2020.

Hong Kong-based AIA's largest market is mainland China, which along with Hong Kong accounts for about half of its business.

($1 = 1.3862 Australian dollars)

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