December 12, 2017 / 3:28 AM / 2 years ago

Factbox: Australia's great life insurance sell-off

SYDNEY (Reuters) - Recent Australian life insurance sales (ranked by deal value)

*CommInsure (2017) - Commonwealth Bank of Australia, the country’s biggest lender, sells its life insurance unit to Hong Kong-based AIA Group for A$3.8 billion ($3.1 billion).

*OnePath (2017) - Australia and New Zealand Banking Group sells its life insurance business to Zurich Insurance for A$2.85 billion.

*MLC (2016) - National Australia Bank, the country’s third-largest lender, sells 80 percent of its life insurance unit to Japan’s Nippon Life Insurance Co for A$2.4 billion.

*Macquarie Group (2016) - Australia’s biggest investment bank sells its life insurance arm to Zurich for an undisclosed amount estimated by analysts to be A$300 million.

*Insurance Australia Group (2017) - In a reinsurance deal, IAG agrees to share 12.5 percent of premiums and costs with Germany’s Munich Re, Germany’s Hannover Re and Swiss Re.

Reporting by Byron Kaye; Editing by Edwina Gibbs

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