Suncorp Group's Sale of New Zealand Life Business

Suncorp Group Limited (ASX: $SUN) has signed a share sale and purchase agreement with Resolution Life NOHC to sell its New Zealand life insurance business, Asteron Life Limited, for NZ$410 million. The sale includes an upfront payment of NZ$250 million at completion with the remainder due 18 months after completion. The transaction is subject to New Zealand regulatory approvals and is expected to complete within nine months.

Executive Commentary on the Transaction

Suncorp Group CEO Steve Johnston stated, 'The Transaction continues the reshaping of the Suncorp Group, positioning both the general and life insurance businesses for ongoing growth and success. We believe it is a win-win for our stakeholders. We remain committed to the New Zealand general insurance market as part of our refocused group.' Suncorp New Zealand CEO Jimmy Higgins added, 'The Transaction allows the New Zealand team to focus exclusively on general insurance, including continuing to create competitive and compelling insurance products and services.'

Summary of Suncorp Group's Announcement

Suncorp Group (ASX: $SUN) has announced the sale of its New Zealand life insurance business, Asteron Life Limited, to Resolution Life for NZ$410 million. The transaction is expected to complete within nine months, subject to regulatory approvals. Suncorp Group CEO Steve Johnston emphasized that the reshaping of the group positions both the general and life insurance businesses for ongoing growth and success, benefiting employees, customers, and other stakeholders. The New Zealand CEO, Jimmy Higgins, expressed confidence that the Transaction allows the team to focus on general insurance, creating competitive insurance products and services. The sale reflects Suncorp's commitment to aligning its strategy with delivering value for its Australian and New Zealand customers.