Suncorp Group has announced the sale of its New Zealand life insurance business, Asteron Life. The Australasian division of Resolution Life, a global life insurance firm, said it has agreed to acquire the firm for $410 million.
“The Transaction continues the reshaping of the Suncorp Group and positions both the general and life insurance businesses for ongoing growth and success,” said Suncorp Group CEO Steve Johnston in a media release.
The CEO said his firm remains committed to the New Zealand general insurance market “as part of our refocused group.”
According to a release from Resolution Life, Asteron Life is a “well-established” life insurer with about 165 employees servicing more than 180,000 customers and their advisers.
“This acquisition further demonstrates our commitment to the Australasian market and our success in growing our business in the region,” said Tim Tez (pictured above), CEO of Resolution Life Australasia. “It follows Resolution Life’s entry into the Australian and New Zealand markets in 2020, and our recent acquisition of AIA Australia’s Superannuation and Investments business.”
The Resolution Life release said, if it goes ahead, the purchase will make the firm the second largest life insurer in New Zealand.
Suncorp Group, the insurance and banking corporation based in Brisbane, is one of Australasia’s largest general insurers.
The acquisition is still subject to New Zealand regulatory approvals. However, both releases said they expect the deal to be complete in nine months.
