Suncorp delays $725m unit sale

Suncorp delays $725m unit sale | Insurance Business

Suncorp delays $725m unit sale

Suncorp Group has delayed the completion date for the $725m sale of its Australian life-insurance business to TAL Dai-ichi Life Australia to early next year.

In an ASX statement, Suncorp said it was now targeting Feb. 28 for the completion date, compared with its initial date of Dec. 31, citing the timing of regulatory approvals for the transaction.

The insurer said the extraordinary general meeting to seek shareholder approval for the pro-rata return of capital and share consolidation would be held after the completion of the sale, instead of mid-December as initially proposed.