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S&P Global Market Intelligence offers our top picks of insurance news stories and more published throughout the week. Please note that some entries may have links to third-party sources that may require a subscription.
AIA/CBA deal, more M&A in Australia
* Commonwealth Bank of Australia will sell its life insurance businesses in Australia and New Zealand to Hong Kong-based AIA Group Ltd. for A$3.8 billion. Following completion of the deal, AIA will enter into reinsurance agreements covering majority of the acquired entities' in-force businesses.
* Analysts said the planned acquisition will widen the gap between Hong Kong-based AIA and its rivals in Australia and New Zealand, though the impact on the group's overall business will be limited. The consolidation will give AIA about a one-fourth share of Australia's life insurance market.
* Meanwhile, Zurich Insurance Group AG has reportedly emerged as the final bidder for Australia & New Zealand Banking Group Ltd.'s life insurance and wealth business.
* Australian Unity Ltd. agreed to sell its corporate...