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Sovereign brand goes as AIA takes over in NZ

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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.