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Suncorp Group completed the sale of Asteron Life, its New Zealand life insurer, for NZ$410 mn

Suncorp Group completed the sale of Asteron Life, its New Zealand life insurer, for NZ$410 mn

Suncorp Group Ltd. completed the sale of Asteron Life Ltd., its New Zealand life insurance business, to Resolution Life NOHC for NZ$410 mn.

The company stated that its general insurance operations in New Zealand remain part of Suncorp.

Suncorp received NZ$250 mn plus estimated excess capital in the business as of Jan. 31. The exact amount of excess capital will be determined through the completion accounts process.

This payment represents the first portion of the NZ$410 mn sale price. The remaining NZ$160 mn will be paid 18 months after the deal closes.

Suncorp entered a transitional services agreement lasting up to two years after completion.

Earlier, Suncorp reported higher net income for fiscal 2023-2024. The Australian firm completed its bank sale in a year marked by inflation and natural disasters, according to BestWire.

Asteron Life, established in 1985, is a New Zealand-based insurance company offering life, trauma, income protection, total and permanent disability, and business cover.

Tracing its roots back to 1878, the company was originally known as Royal and Sun Alliance.

Asteron Life is part of Resolution Life Australasia, owned by the global insurance group Resolution Life, which manages US$90 bn in assets and serves over 3 mn policyholders.

The company has received an ‘A’ financial strength rating from S&P Global Ratings, indicating its stable financial position.

In recognition of its service, Asteron Life was awarded the Life Insurance Company of the Year at the 2024 New Zealand Insurance Industry Awards.