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Australian Commonwealth Bank sells insurance division to Hong Kong group

The Commonwealth Bank, the largest in Australia, today announced the sale of its life insurance business to a Hong Kong company for about $ 3.8 billion ($ 3,044 million US $ 2,565 million).

The Commonwealth Bank, the largest in Australia, today announced the sale of its life insurance division to a Hong Kong company for about $ 3.8 billion. The company said in a statement that it sold 100 percent of CommInsure Life, which operates in Australia, and Sovereign, which operates in New Zealand, to AIA Group Limited.

The sale comes after a scandal accused the insurer of delaying or denying payments to its affiliates and to pressure those responsible for the medical evaluations associated with these payments to reject claims.

This entity is also accused in Australia of violating the anti-money laundering and terrorist financing laws to consider that their smart deposit tellers were used by criminal groups to launder various sums.

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