(Reuters) – Asia-focused insurer AIA Group 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 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)
(Reporting by Harshita Swaminathan; Editing by Subhranshu Sahu)