Resolution Life Australasia agreed to acquire AIA Australia's A$8.2 billion ($5.8 billion) superannuation and investments business, the two companies said in separate announcements.
Financial details of the deal weren't disclosed.
AIA had acquired that business — with A$6.7 billion in assets under management and A$1.5 billion in assets under administration — in April 2021 with the completion of its purchase of Commonwealth Bank of Australia's life insurance and investments business.
AIA said in a news release it will focus on "life, health and wellbeing," while selling the superannuation and investments assets to Resolution Life, where those businesses are "a core part of their offering."
Resolution Life's news release said the Australasian arm of Bermuda-based Resolution Life Group Holdings Ltd., with roughly A$30 billion in assets under management, is the largest life insurer by assets serving Australia and New Zealand.
The company said it is focused "on the acquisition and management of portfolios of life insurance policies."
It's agreement to buy AIA's superannuation and investments portfolio will lift Resolution Life Australasia's assets under management to roughly A$36.7 billion, a spokeswoman said.
The acquisition, expected to close within 12 to 18 months, will add 162,000 AIA Australia customers to Resolution Life's existing 1.1 million Australasian customer base, the news release said.
