LONDON, UK: Resolution Life Australasia has entered into an agreement with AIA Australia Limited to acquire its Superannuation & Investments business.

The acquisition will deliver significant value and scale benefits and will strengthen Resolution Life’s position as the largest life insurer by assets in Australasia.

It will increase Resolution Life’s funds under management and administration by more than A$8 billion and result in c.162,000 AIA Australia customers joining Resolution Life’s existing 1.1 million Australasian customer base.

Superannuation, investment and retirement products are a core part of Resolution Life’s portfolio and AIA Australia’s Superannuation & Investments business will complement this existing business.

AIA’s Superannuation & Investment business will be fully integrated into Resolution Life’s local business operations where policyholders will benefit from Resolution Life’s dedicated focus on existing customers and significant investment in technology, digital and AI capabilities.

Megan Beer, CEO Australasia, Resolution Life said, “This acquisition demonstrates Resolution Life’s commitment to the Australasian market and our success in growing our business here. Since entering the Australasian market in 2020.

Resolution Life Group has invested over A$1 billion in transforming and growing our Australasian platform. Our business is driven by our dedicated customer focus and by growing through strategic acquisition.

This acquisition will provide us with significant scale and means that the customer benefits we have started to realise through our digitisation and transformation programs will extend to AIA Australia’s Superannuation & Investments customers.

We look forward to welcoming all of AIA Australia’s Superannuation & Investments employees that support the business, as well as their customers once the acquisition has been finalised.

The acquisition demonstrates our proven capability to execute complex transactions and further strengthens the strategic platform we established with the acquisition of AMP Life, now operating as Resolution Life Australasia.

We are now very well positioned for future growth in the Australasian market and to deliver on our goal to be the leading in-force specialist life insurer in Australasia.”.  

The acquisition is subject to regulatory approvals and is expected to close within 12 to 18 months. Under the terms of the agreement AIA Australia will continue to provide transitional services for up to eighteen months after the close.

Resolution Life is advised by Deutsche Bank.

Resolution Life Australasia is part of the Resolution Life Group. It has approximately $30 billion in assets under management and is a well-capitalised business with a dedicated focus on servicing its existing 1.1 million customers and providing them with competitive premiums, quality investment management, great customer service and efficient claims management.