AIA Australia's market standing boosted by CMLA purchase: report

The consolidation allows access to CMLA's client and distribution network.

AIA Australia’s (AIAA's) standing in the domestic insurance market has been bolstered after it acquired Colonial Mutual Life Assurance Society’s (CMLA) insurance portfolio, reports S&P Global Ratings.

The consolidation also allows AIAA long-term access to the customer and distribution network of CMLA's parent, the Commonwealth Bank of Australia (CBA).

The joint cooperation agreement between AIAA and CBA has now concluded, with the economic and legal responsibility of CMLA policyholders with AIAA, whilst the legal entity of CMLA remains with CBA, the report said.

The purchase was completed on 1 April, following the final leg of the acquisition through a scheme under the Life Insurance Act.

Also Read

Philippine life insurance sector slated for 5.4% CAGR by 2028

Property insurance industry to exceed $152b by 2028

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit