Herbert Smith Freehills has advised the Commonwealth Bank of Australia on a $1.6 billion (A$2.38 billion) divestment of its Australian life insurance business.
The Commonwealth Bank has agreed to a revised deal to sell CommInsure Life to Hong Kong-based AIA Group. The deal was initially agreed in 2017 for CommInsure Life to change hands for $3 billion (A$3.8 billion). The New Zealand part of the business was already transferred to AIA in 2018, but the Australian part of the deal, priced at the time at $1.7 billion (A$2.53 billion), wasn’t able to close after delays in regulatory review process.
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