Commonwealth Bank of Australia (CBA) has received a further $450 million from AIA as part of the sale of its Australian life insurance business CommInsure.

CBA has now received around $2.3 billion in cash and dividend payments.

The completion of the sale will take place in the second half of next year, with CBA saying it expects to receive around $100 million at that time.

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