The Australian insurance market remains hot, with a number of actual and potential transactions:
- NIB buys GU Health. NIB is raising $60 million of equity through investment bank JP Morgan after it paid $155.5 million for GU Health in September. GU Health is Australia's only specialist corporate-group private health insurer. The business has been owned by Australian Unity since 2005. The sale is expected to complete before the end of the calendar year.
- CBA's sale of CommInsure to AIA. CBA has sold its life insurance assets to Hong Kong-based giant AIA in September for $3.8 billion. The deal also covers the sale of the CBA's New Zealand life insurance arm, Sovereign. Under the sale, the CBA will continue to earn income from its life insurance products already in place. CBA will also retain the CommInsure brand and continue to sell general insurance under it.
- Potential sale of Suncorp's life insurance business. Suncorp's $1.5 billion life insurance business is believed to be in the sights of Japanese groups MSAD, Meiji Yasuda and Dai-ichi Life. US-based AIG is also interested in the Suncorp asset.
- ANZ sales. IOOF has acquired ANZ's wealth arm. This did not include ANZ's life insurance unit, which remains on the market.