Suncorp Group has announced the completion of the sale of its New Zealand live insurance business. The sale creates one of New Zealand’s largest life insurance firms.
An ASX announcement from the giant trans-Tasman insurer said the sale of Asteron Life to Resolution Life was finalised on Friday after receiving “the necessary approvals.”
“Suncorp’s New Zealand general insurance business remains unchanged and part of Suncorp,” said the announcement.
In a separate media release, Resolution Life welcomed its acquisition. The release said Grant Willis will take on the role of CEO Asteron Life New Zealand.
“We are delighted to have successfully completed the acquisition of Asteron Life,” said Tim Tez (main picture above), CEO of Resolution Life Australasia. He said the transaction was further demonstration of his firm’s commitment to growth in New Zealand.
“While Asteron Life and Resolution Life will continue to operate under separate brands in New Zealand, both businesses will benefit from the combined scale, capabilities and broader reach in the local market,” he said.
Tez said his firm is committed to ensuring a smooth integration process that “prioritises a good experience.”
The Suncorp announcement said it has received NZ$250 million plus the excess capital in the business. This amount is the first tranche of the NZ$410 million sale price, said the announcement, with the remaining about due for payment in 18 months.
