|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||0.00 - 0.00|
|52 Week Range|
|PE Ratio (TTM)||18.18|
|Dividend & Yield||0.00 (0.00%)|
|1y Target Est||N/A|
Commonwealth Bank of Australia is considering spinning off its global asset-management unit after announcing the sale of its life-insurance businesses to AIA Group.
Morgans has upgraded Commonwealth Bank of Australia (CBA.AU) after the lender agreed to sell its Australian and New Zealand life insurance units to Hong Kong-based insurer AIA Group (1299.HK) for AUD3.8 billion (USD3.04 billion). CBA said the sale price for CommInsure Life in Australia and Sovereign in New Zealand is 16.9 times 2017 pro forma earnings. AIA will become the largest life insurance company in Australia and New Zealand upon completion, which is expected in 2018.
There is some reputational risk from buying CBA's unit but this Hong Kong insurer has a strong track record.