Commonwealth Bank says it will undertake a strategic review of CommInsure General Insurance and that the process may lead to a potential sale of the business.

“CBA intends to explore the opportunity to further enhance its product and service offering to customers through a potential sale and partnership with a specialist insurance provider,” the bank said today.

The group also announced its intention to demerge its wealth management and mortgage broking businesses, creating a separate listed company called CFS Group.

“With innovation and disruption in wealth management increasingly favouring specialist companies, they will benefit from independence and the capacity to focus on new growth options without the constraints of being part of a large banking group,” CEO Matt Comyn said.