The life insurer expects the acquisition will increase its funds under management (FUM) administration (FUA) by over $8 billion and will also see 162,000 AIA customers join its Australian base, which currently boasts 1.1 million members.
AIA’s superannuation and investment business will also be “fully integrated” into Resolution Life’s local operations.
“This acquisition demonstrates Resolution Life’s commitment to the Australasian market and our success in growing our business here,” Resolution Life Australasia CEO Megan Beer said.
“This acquisition will provide us with significant scale and means that the customer benefits we have started to realise through our digitisation and transformation programs will extend to AIA Australia’s superannuation and investments customers.
“We look forward to welcoming all of AIA Australia’s superannuation and investments employees that support the business, as well as their customers once the acquisition has been finalised.”
The acquisition, subject to regulatory approval, is expected to be completed within 12-18 months.