The Commonwealth Bank of Australia (CBA) has wrapped up the sale of CommInsure Life, receiving a final payment of $100 million from AIA Australia.

S&P Global Ratings says AIA’s acquisition of the business, including The Colonial Mutual Life Assurance Society, will boost its Australian presence.

CBA says the divestment of the life insurance arm has netted it about $2.4 billion in aggregate proceeds.

The sale was completed via a statutory asset transfer, CBA says. It sold the business 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.

S&P says it views “the business profiles of [AIA Australia] and the acquired business as complementary”.

“The consolidation of [The Colonial Mutual Life Assurance Society’s] insurance portfolio supports [AIA Australia’s] presence as a leading participant in the Australian life insurance market,’ the ratings agency said.

“It also provides long-term access to the customer and distribution network of [CBA].”