21 September 2017 14:51
The Commonwealth Bank has sold its beleaguered life insurance business CommInsure to AIA and announced a series of other sweeping changes, including a strategic review of Colonial First State Global Asset Management (CFSGAM).
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CBA, CFSGAM, comminsure, AIA Australia, Life insurance
With the super industry facing into headwinds that raise the floor on minimum scale and increase complexity, the pressure towards further consolidation should ultimately prove unstoppable, and a natural end-point could be ten mega-funds over $200 billion in size managing more than 90 per cent of system assets. The path to that destination, however, could be bumpy.
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