Ashurst has acted as the Australian legal adviser to the AIA Group (AIA) in its agreement to acquire 100% of Commonwealth Bank of Australia's (CBA) life insurance businesses in Australia (CommInsure Life) and New Zealand (Sovereign) for A$3.8 billion, which after completion, will make AIA the largest provider of life insurance in Australia and New Zealand.

The transaction includes a 20 year strategic bancassurance partnership between CBA and AIA for the provision of life insurance products to customers in Australia and New Zealand. It is also subject to securing all necessary and regulatory approvals in Australia and New Zealand.

AIA is the largest independent publicly listed pan-Asian life insurance group, with a presence in 18 markets in Asia Pacific.

Ashurst advised AIA on key aspects of the acquisition of CommInsure Life, including legal due diligence, transaction structuring, regulatory issues and negotiating the transaction documents. 

The Ashurst team was led by partner Con Tzerefos (Corporate) and included partners Natsuko Ogawa and Lisa Simmons, counsel Arabella Dove and senior associates Chris Harris and Jared Lynch (Corporate); partner Rehana Box and senior associate Philip Hopley (Insurance); partner Jamie Ng and counsel Joseph Chow (Global Markets); partner Andrew Harpur and senior associate Tim West (Disputes); partner Kellech Smith and senior associate Stuart D'Aloisio (IP); partner Amanda Ludlow and counsels Clare Doneley and Emma Butler (TMT); partner Jane Harvey with senior associates Liz Grey and Emilie Maddox (Employment); partners Ross Zaurrini and Bill Reid, counsel Justin Jones and senior associate Angie Ng (Competition); with partner Jason Cornwall-Jones and senior associate Gaby Stach (Property).