Suncorp To Sell Its New Zealand Asteron Life Business

Suncorp Group has announced the sale of its New Zealand Asteron Life business. The transaction continues the reshaping of the Suncorp Group, and positions both the general and life insurance businesses for ongoing growth and success - benefiting employees, customers and other stakeholders.

The sale is subject to New Zealand regulatory approvals and is expected to complete within nine months. Suncorp’s New Zealand general insurance business remains unchanged and part of the Suncorp Group.

Suncorp New Zealand CEO, Jimmy Higgins says Suncorp’s increased focus on its general insurance business will enable it to meet the rapidly evolving needs of Suncorp customers.

"We continue to address the challenges of climate change and affordability, through advocating for a more resilient New Zealand at a time when the value of insurance has never been greater."

Suncorp Group will remain fully committed to the New Zealand Asteron Life business throughout the transition ensuring minimal disruption to customers, partners and advisers, Higgins says.

Resolution Life is part of a global life insurer with significant experience in the execution of complex life insurance transactions across multiple continents. The trans-Tasman business has approximately around NZ$1.7bn of in-force premium (API) and NZ$30.4bn assets under management.

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