AIA Group to Sell Some Australian Assets to Resolution Life (2)

Asian insurance firm AIA Group Ltd. has agreed to sell its Australian superannuation and investments business to Resolution Life, the companies said Thursday.

The sale transfers more than A$8 billion ($5.8 billion) in funds under management consisting of policies that date back to the Hong Kong-based insurer’s acquisition of Commonwealth Bank of Australia’s life insurance business in 2017.

AIA was considering selling some legacy life insurance assets to Resolution for a few hundred million dollars, Bloomberg News reported in January.

The transaction will streamline AIA’s portfolio while adding 162,000 new customers to Resolution Life’s existing 1.1 million in ...