Commonwealth Bank (CBA) has received further payment of about $865 million from AIA as part of the sale agreement for its life business CommInsure.

The latest payment takes the aggregate proceeds received from the divestment to $1.6 billion, CBA says.

“The steps towards the completion of the divestment of CommInsure Life via either a share sale or a statutory asset transfer continue to be progressed in line with previous announcements.”

CBA sold the business at a $150 million discount on the original $2.5 billion, after it had to quarantine its efforts to sell its 37.5% interest in Chinese insurer BoCommLife from the rest of the agreement.