Sunday, 14 April 2024

Business News

Suncorp Divests NZ Life Insurance Arm – TipRanks Financial Blog

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Suncorp Group Limited (AU:SUN) has released an update.

Suncorp Group Limited has announced the divestiture of its New Zealand life insurance business, Asteron Life, to Resolution Life for NZ$410 million, with the deal awaiting regulatory approval and expected to be finalized within nine months. The agreement ensures continuity for Asteron Life, which will retain its brand, management, and commitment to new business growth post-acquisition. The transaction aligns with Suncorp’s strategy to simplify its portfolio and refocus on general insurance in New Zealand.

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