Allianz Australia acquires RAA Group's non-life business

Allianz Australia signed an agreement with the Royal Automobile Association of South Australia Incorporated (RAA) on 2 December 2024 for the acquisition of its non-life insurance business.

The transaction is valued at 642 million AUD (418 million USD).

An exclusive 20-year distribution agreement for RAA's home and motor products is also included in the partnership.

Pending regulatory approval, the transaction is expected to be finalized by mid-2025.