Sovereign brand goes as AIA takes over in NZ
Sovereign will rebrand as AIA following its acquisition by the Asian life insurer earlier this year.
AIA will become the largest life insurer in New Zealand as a result of the deal.
Commonwealth Bank-owned Sovereign was sold to AIA for $1.27 billion as part of the larger deal for CommInsure Life.
AIA also plans to launch its Vitality wellness program in New Zealand. It has nearly 1 million members across AIA’s markets.
AIA will provide life and health insurance products to Commonwealth Bank customers in New Zealand under a 20-year partnership.