Commonwealth Bank has sold its 37.5% holding in China’s BoComm Life Insurance for $668 million to Mitsui Sumitomo Insurance.

The bank will book an after-tax gain of $450 million from the sale, which is a condition of last September’s deal to sell its life insurance businesses in Australia and New Zealand to AIA for $3.8 billion.

“This transaction represents a further step in simplifying and focusing our portfolio,” Commonwealth CEO Matt Comyn said.