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Commonwealth Bank to divest Australian and NZ life businesses to AIA for $3.8bn

IBR Staff Writer Published 22 September 2017 Commonwealth Bank of Australia has agreed to sell 100% of its life insurance businesses – CommInsure Life in Australia and Sovereign in New Zealand – to AIA Group for $3.8bn. The agreement includes a 20-year partnership with AIA to provide life insurance products …

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Aviva sells Spanish businesses for €475m

Published 19 September 2017 Aviva has completed the sale of its 50% stake in the Spanish life insurance and pension joint ventures, Unicorp Vida and Caja España Vida, and the retail life insurance business, Aviva Vida y Pensiones, to Santalucía for a total consideration of €475m. The transaction value is …

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Swiss Life under US DOJ scrutiny over tax evasion role

Published 15 September 2017 The American Department of Justice (DOJ) has contacted Swiss Life regarding its cross-border business with US clients. The company said, the portfolio with US clients of Swiss Life Liechtenstein and Swiss Life Singapore currently amounts to about CHF250m ($259.23m). In the recent years, the US has tightened …

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Aviva to divest 50% stake in Italian JV to Banco BPM

IBR Staff Writer Published 28 August 2017 Aviva Italia Holding has exercised an option to divest its entire 50% stake in its Italian joint venture (JV) in Italy, and its subsidiary Avipop Vita (AV), to Banco BPM. Aviva has entered into bancassurance partnership with the former Banco Popolare in protection …

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Aegon to divest Irish business to Athene

IBR Staff Writer Published 14 August 2017 Dutch insurance company Aegon has agreed to divest its Irish business to Ager Bermuda, the parent company of the European operations of Athene, for about €180m. Aegon Ireland, the Irish subsidiary of Aegon to be divested, offers wealth management and retirement planning products …

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Goldman Sachs to divest entire stake in Rothesay Life

IBR Staff Writer Published 10 August 2017 Goldman Sachs has agreed to divest its entire stake in Rothesay Life for an undisclosed price to funds managed or advised by Blackstone’s Tactical Opportunities business and GIC, and Massachusetts Mutual Life Insurance. Upon closing of the transaction, Blackstone and GIC will become …

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Aviva to sell Friends Provident to RL360 for £340m

IBR Staff Writer Published 20 July 2017 Aviva has agreed to divest its pensions business Friends Provident International (FPIL) to RL360 Holding for around £340m. The insurance giant says that it has come to a conclusion that FPIL is no longer a core business in the group following a strategic …

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China Oceanwide’s $2.7bn acquisition of Genworth faces regulatory delay

IBR Staff Writer Published 17 July 2017 The completion of China Oceanwide’s $2.7bn merger deal with Genworth Financial is likely to be delayed further, owing to a regulatory obstacle. In this connection, the two companies, have for the second time, withdrawn and re-submitted their joint voluntary notice with the Committee …

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MetLife to buy Logan Circle from Fortress Investment

IBR Staff Writer Published 10 July 2017 American insurance giant MetLife has agreed to acquire investment manager Logan Circle Partners from Fortress Investment Group’s for nearly $250m in an all-cash deal. The acquisition would also include the traditional fixed income asset management business of Fortress Investment. As a fundamental research-based …

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Exin to buy 75% stake in Ethniki Insurance from National Bank of Greece

IBR Staff Writer Published 30 June 2017 Netherlands-based Exin Financial Services has agreed to acquire 75% stake in Greek insurer Ethniki Hellenic General Insurance (Ethniki Insurance) from the National Bank of Greece (NBG) for €718m. The transaction is expected to result in a long-term partnership between Exin and NBG with …

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