Commonwealth Bank of Australia to Review Life Insurance Unit
Commonwealth Bank of Australia is considering options for the life insurance business, which could include a sale of the unit. It is valued as much as $5 billion.
“It is valued as much as $5 billion.”
According to data from PWC, the life insurance business is the third biggest in Australia. The unit had 11.4% of the life insurance market as of 30th June 2016 with $2.08 billion net premium income in the 2016 financial year and a $255 million profit.
News Source: Australian Financial Review
About Commonwealth Bank
The Commonwealth Bank is Australia’s leading provider of integrated financial services including retail banking, premium banking, business banking, institutional banking, funds management, superannuation, insurance, investment and sharebroking products and services. The Group is one of the largest listed companies on the Australian Securities Exchange and is included in the Morgan Stanley Capital Global Index. It was was founded under the Commonwealth Bank Act in 1911 and commenced operations in 1912, empowered to conduct both savings and general banking business. Today, the bank has grown to a business with more than 800,000 shareholders and 1,100 branches nationally.
- Origin : Sydney, Australia
- Assets : $933.1 billion
- Revenue : $24.6 billion
- Employees : 52,000
Official Website: www.commbank.com.au
News & Media: Press Release
Updated on 8th August 2016