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Media Release

Update on divestment of Australian life insurance business

Update on divestment of Australian life insurance business

Commonwealth Bank of Australia announced that it has received further proceeds of approximately $865 million under the revised transaction path for the planned divestment of CBA’s Australian life insurance business (CommInsure Life) to AIA Group Limited, including the first two partnership milestone payments.

These proceeds result in a pro forma increase to the Group’s Common Equity Tier 1 ratio of approximately 19 basis points on an APRA basis as at 31 December 2019. 

The proceeds announced today are in addition to the $740 million of proceeds that were received in 1H FY20, bringing aggregate proceeds received to date to $1.6 billion. 

The steps towards the completion of the divestment of CommInsure Life (including the receipt of all remaining proceeds) via either a share sale or a statutory asset transfer continue to be progressed in line with previous announcements.