Suncorp is selling NZ life business

Suncorp is selling NZ life business | Insurance Business New Zealand

Insurance News

Suncorp is selling NZ life business

Buyer will become second largest in this market

Insurance News

By
Daniel Wood

Suncorp Group has announced the sale of its New Zealand life insurance business, Asteron Life. The Australasian division of Resolution Life, a global life insurance firm, said it has agreed to acquire the firm for $410 million.

“The Transaction continues the reshaping of the Suncorp Group and positions both the general and life insurance businesses for ongoing growth and success,” said Suncorp Group CEO Steve Johnston in a media release.

Australasian commitment

According to a release from Resolution Life, Asteron Life is a “well-established” life insurer with about 165 employees servicing more than 180,000 customers and their advisers.

Nine months from completion

The Resolution Life release said, if it goes ahead, the purchase will make the firm the second largest life insurer in New Zealand.

Suncorp Group, the insurance and banking corporation based in Brisbane, is one of Australasia’s largest general insurers.

The acquisition is still subject to New Zealand regulatory approvals. However, both releases said they expect the deal to be complete in nine months.

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