Suncorp Group has successfully completed the sale of its New Zealand life insurance arm, Asteron Life Limited, to Resolution Life NOHC. The transaction, which concluded on January 31, marks a significant step in the company’s strategic shift.
In its statement, Suncorp confirmed that the deal includes an upfront payment of $141.8 million (NZ$250 million), along with an additional amount reflecting the estimated excess capital as of January 31. The final sum will be adjusted based on post-completion accounting reviews.
This payment represents the first installment of the total sale price of $232.6 million (NZ$410 million), with the remaining $90.8 million (NZ$160 million) due 18 months from the completion date.
Suncorp also emphasized that its general insurance operations in New Zealand remain unaffected by this transaction.
(Note: Currency conversion used – $1.00 = NZ$1.76)
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