A list of global insurance firms, including IAG, Allianz and Ping An, are reported to be interested in Commonwealth Bank’s insurance operations.
According to a report in the Australian Financial Review, a murderer’s row of insurers are rumoured to have held preliminary discussions with the Australian banking giant, should there be any strategic changes within its general insurance division.
IAG, Allianz and Ping An are said to have held preliminary discussions with CBA, according to a report in the publication’s Street Talk column, with sources suggesting that the general insurance business could be valued at $1 billion.
Earlier reports from the publication suggested that AIG was another interested party and that it had also made contact.
In late 2017, the banking firm sold its life insurance unit to international powerhouse AIA Group for $3 billion in the largest Asian buyout of an Australian financial services firm.
CBA is the eighth largest general insurance firm in the Australian market, based on data from PwC, and is currently making headlines for its time spent in front of the Royal Commission into the financial services sector, which has put the firm’s insurance practices front and centre.
