Suncorp Group Limited, an Australian primary insurer, has completed the sale of Asteron Life Limited, its New Zealand life insurance business, to Resolution Life NOHC on 31 January 2025.
This sale was first announced in April 2024, after Suncorp signed a share sale and purchase agreement with Resolution Life to sell Asteron Life for NZ$410 million.
On 31 January, Suncorp received NZ$250 million, along with the estimated excess capital in the business. The level of excess capital is subject to the completion accounts processes post completion.
This payment represents the first installment of the NZ$410 million sale price. The remaining NZ$160 million will be paid 18 months after completion.
As part of the sale, Suncorp has entered into a transitional services agreement for up to two years post completion.
Suncorp also clarified that its New Zealand general insurance business remains unchanged and continues to be part of the Suncorp Group.
