CBA flags divestment of insurance businesses

The Commonwealth Bank has flagged the sale of its life insurance business in Australia and New Zealand.

The company has used the release of its full-year results to the Australian Securities Exchange today to state that it was “in discussions with third parties in relation to their potential interest in our life insurance businesses in Australia and New Zealand.

The announcement said the outcome of the discussions was uncertain and while they might lead to the divestment of the business, the bank would also consider a full range of options.