Resolution Life Australasia (Resolution Life) has entered an agreement with AIA Australia to acquire its Superannuation & Investments business, which will add significant value and scale benefits to the company.
It will increase Resolution Life’s funds under management and administration by over AUSD$8 billion and result in 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,” she said.
