The Hollard Insurance Company Pty Ltd entered into an agreement to acquire CommInsure General Insurance Business from Commonwealth Bank of Australia (ASX:CBA) for approximately AUD 630 million on June 21, 2021. The transaction consideration includes AUD 625 million of upfront consideration, together with deferred payments (payable upon achieving certain business milestones) and additional investment from Hollard throughout the 15-year strategic alliance to drive innovation and enhance the customer experience. A pre-completion dividend is also expected to be received by CBA (amount subject to the timing of completion, business performance and regulatory approvals). Completion of the Transaction remains subject to Australian Prudential Regulation Authority approval and is currently expected to occur in mid-calendar year 2022. As of August 28, 2021, the transaction is expected to complete on July 1, 2022. Upon completion, the transaction is expected to deliver an increase of approximately AUD 400 million of Common Equity Tier 1 (CET1) capital, resulting in a pro forma uplift to the Group's CET1 ratio of approximately 9 basis pointsn an Australian Prudential Regulation Authority (APRA) basis, as at March 31, 2021. The Transaction is estimated to result in a post-tax gain on sale of approximately AUD 90 million, which includes estimated post-tax separation and transaction costs of approximately AUD 130 million. Macquarie Group Services Australia Pty Limited acted as the exclusive financial advisor to Hollard as part of the transaction.

Hollard Insurance Company Pty Ltd completed the acquisition of CommInsure General Insurance Business from Commonwealth Bank of Australia (ASX:CBA) on September 30, 2022.