CBA agrees to sell general insurance business to Hollard
Posted On: Jun. 21, 2021 9:35 AM CST
Commonwealth Bank of Australia has agreed to sell its CommInsure General Insurance business in Australia to South Africa-based insurer The Hollard Insurance Co. Ltd. for $625 million Australian ($468 million) in cash plus deferred payments, Reuters reported. The transaction will complete the bank’s multi-year divestment strategy, as part of which it offloaded its insurance and funds management businesses to focus on its core activities.