CANBERA (dpa-AFX) - Commonwealth Bank of Australia (CBA.AX) said that it agreed to sell its Australian general insurance business, CommInsure General Insurance, to the Hollard Group.
CBA will establish an exclusive 15-year strategic alliance with Hollard for the distribution of home and motor vehicle insurance products to CBA's retail customers in Australia.
The transaction consideration includes A$625 million of upfront consideration, together with deferred payments and additional investment from Hollard throughout the 15-year strategic alliance to drive innovation and enhance the customer experience.
CBA noted that it will also continue to earn income on the distribution of home and motor insurance products.
Completion of the deal is currently expected to occur in mid-calendar year 2022.
Copyright RTT News/dpa-AFX
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