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Media Release

Commonwealth Bank update on life insurance businesses

CBA update on life insurance businesses

Commonwealth Bank provides an update on its life insurance businesses

We are committed to securing and enhancing the financial wellbeing of people, businesses and communities, and the provision of insurance products to our customers remains core to that vision.

CommInsure and Sovereign are strong businesses with scale, expertise, competitive products and access to attractive distribution channels.

Today we have announced we are in discussion with third parties in relation to their potential interest in our life insurance businesses in Australia and New Zealand.

The outcome of those discussions is uncertain. While the discussions may lead to the divestment of those businesses, we will also consider a full range of alternatives, including retaining the businesses, reinsurance arrangements or other strategic options.

It remains business as usual in terms of selling CommInsure products.

Life insurance is a long term product. CommInsure remains focused and committed to delivering quality support and service to our customers.