AIA and Allianz say they have teamed up to address Australia’s retirement challenge.

“Under the strategic partnership, AIA will bring its … behavioural science-backed health and wellbeing propositions, including AIA Vitality, while Allianz Retire+ will provide retirement income solutions through its … Agile solution,” they said.

The partners plan to work with superannuation funds, wealth platforms, financial advisers and retirement service providers.

“We know that people are currently living longer, but they’re not necessarily spending their later years in good health, and financial security plays a big part in someone’s overall wellbeing,” AIA Australia CEO Damien Mu said.

“We’re excited about the opportunity for this partnership to provide the twofold solution to the retirement puzzle: lifetime income security alongside a healthy and comfortable life.”

Allianz Retire+ CEO David Kane said: “The strategic partnership comes at an important point for Australia’s retirement system, as government and regulators increasingly call for solutions that give Australians greater confidence and certainty in retirement.”