April 22, 2018 3:28 PM ET

Insurance

Company Overview of The Colonial Mutual Life Assurance Society Limited

Company Overview

The Colonial Mutual Life Assurance Society Limited provides superannuation and life insurance products in Australia. It also provides investment products and administration services. The company was incorporated in 1873 and is based in Sydney, Australia. The Colonial Mutual Life Assurance Society Limited operates as a subsidiary of Commonwealth Bank of Australia.

Tower 1

Ground Floor

201 Sussex Street

Sydney, NSW 2000

Australia

Founded in 1873

Key Executives for The Colonial Mutual Life Assurance Society Limited

Executive Director
Executive Director
Secretary
Secretary
Compensation as of Fiscal Year 2017.

The Colonial Mutual Life Assurance Society Limited Key Developments

AIA Reportedly Poised To Acquire CBA Life Unit

AIA Group Limited (SEHK:1299) is said to be poised to buy life -insurance assets, worth about $4 billion from Commonwealth Bank of Australia (ASX:CBA). AIA and Zurich Insurance Group AG (SWX:ZURN) lobbed final bids to buy The Colonial Mutual Life Assurance Society Limited (CommInsure) and the New Zealand Sovereign life business by the deadline of September 14, 2017. Sources said on September 15 that they believed AIA had won the contest, as reported online, although those close to CBA did not comment. It is thought CommInsure and the New Zealand Sovereign business are both being bought by AIA. CBA has been working on the life insurance sale with JPMorgan. CBA is selling CommInsure after it was investigated by the Australian Securities & Investments Commission over a number of issues.

AIA, Zurich Insurance In Race To Buy Comminsure

Commonwealth Bank of Australia (ASX:CBA)'s move to sell The Colonial Mutual Life Assurance Society Limited (CommInsure) will gather momentum in the next few days, after AIA Group Limited (SEHK:1299) and Zurich Insurance Group AG (SWX:ZURN) lobbed bids to buy the troubled insurer. The two companies met the expedited deadline last night and put in final and binding offers which could value CommInsure and the New Zealand Sovereign business at more than $4 billion. CBA will consider the offers over the next few days and is expected to select a preferred bidder by the middle of next week.

Commonwealth Reportedly May Sell CommInsure

Commonwealth Bank of Australia (ASX:CBA) may sell off its the co after it beat analyst expectations with a full-year cash profit of AUD 9.88 billion. Commonwealth Bank’s decision to place the “for sale” sign on its troubled CommInsure business means there is now nearly AUD 10 billion worth of life insurance assets on the market. A number of industry observers believe Ian Narev’s move to put CommInsure up for grabs when ANZ is reportedly struggling was a smart tactic to lock in a buyer.

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Recent Private Companies Transactions

Type
Date
Target
No transactions available in the past 12 months.
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