In September 2023, Integrity Group Holdings Limited (IGHL) announced that its wholly owned subsidiary Integrity Life Australia Limited (ILAL) would cease writing new life insurance policies in the Retail Advised and Corporate Group Insurance channels. Since then, ILAL has been working to identify a suitable partner to transfer the majority of its existing Retail Life Insurance Business.
ILAL and AIA Australia are making an application under Part 9 of the Life Insurance Act 1995 (Cth) (Life Act) to the Federal Court of Australia (the Court) for confirmation of a scheme (Scheme) to transfer all the assets and liabilities associated with the majority of its retail life insurance business to AIA Australia. If the Court confirms the Scheme, the transfer will proceed, and AIA Australia will become the new issuer of ILAL’s Retail Life Insurance Business.
A list of products included in the transfer is available in the Scheme Summary documents provided in the Documents section below.
If confirmed by the Court, the Scheme is expected to take effect from 1 March 2025, unless the Court specifies a different date.
