We are pleased to share with you an important milestone on our journey to full legal completion of AIAA’s acquisition of CMLA, with AIA and CBA entering into a binding agreement to complete a Part 9 portfolio transfer of CMLA’s insurance business to AIAA.

 

The Part 9 transfer means that our chosen path to legal completion of the transaction is intended to take place by way of a statutory asset transfer under Part 9 of the Life Insurance Act 1995.

 

You may have noticed this in the media by way of announcements made by AIAA and CBA to the Hong Kong Stock Exchange and ASX respectively. 

AIAA and CMLA will seek approval from the Federal Court of Australia (the Court) to proceed with the Part 9 transfer. It is anticipated that the Court will hear the application in March 2021.

 

Following the transfer, CMLA will undergo a rebranding exercise to align with AIAA branding, including communications, marketing material, Product Disclosure Statements and other collateral. If you are impacted by the rebranding exercise, we will be in touch with you to discuss how we can facilitate this in a manner that supports your existing marketing and communications schedule.

 

If you have any questions about this update and what it means for you, please reach out to your account management team.