AIA to Retain CommInsure Product Lines

AIA Australia will initially keep open its own product lines as well as those of CommInsure following the completion of the acquisition of the latter, according to AIA Australia Chief Executive, Damien Mu.

AIA Australia & NZ CEO, Damien Mu

In a note sent to financial advisers, Mu said he was pleased “to confirm that both CommInsure and AIA products will remain open and available for new business after the acquisition completes”.

AIA Australia would also conduct a strategic review of the combined products, which will start after the acquisition is completed, and the results of the review will then be communicated to advisers.

Mu acknowledged the concerns of advisers around product lines after the merger of the two life insurers and said that since the announcement of the intention to acquire CommInsure, AIA Australia “…have been working closely with CommInsure teams to ensure we integrate successfully”.

He said the long-term plan for the combined life insurance businesses was to create ‘next generation’ products that would continue to make a difference in the lives of people and support advisers and their clients.

“CommInsure offers great products that align well with our goal to help people live healthier, longer, better lives. When the acquisition completes we will co-create new ideas to meet the future insurance needs of the community,” Mu said.