Australia-based Commonwealth Bank has confirmed that it is in discussions with third parties to offload life insurance business in Australia and New Zealand.

The statement was made as part of the bank’s full-year financial results announcement.

Commonwealth Bank said in a statement: “We are committed to securing and enhancing the financial wellbeing of people, businesses and communities, and the provision of insurance products to our customers remains core to that vision.

“Today we have announced we are in discussion with third parties in relation to their potential interest in our life insurance businesses in Australia and New Zealand.”

If the proposed discussion materialises, Commonwealth Bank could dispose of its Australian life insurance business CommInsure as well as Sovereign life insurance operations in New Zealand.

The bank; however, said that there is no certainty that the discussions will be fruitful. Besides divestiture, the bank is also considering a range of alternatives, including retaining the businesses, reinsurance arrangements or other strategic options.

Meanwhile, the bank reported full year profit of AUD9.88bn ($7.8bn); however its insurance income decreased 1% to AUD786m ($620.6m) in the year.