Skip to Content
Global News Select

Suncorp to Sell New Zealand Life Insurance Unit for NZ$410 Million

By Mike Cherney


SYDNEY--Suncorp said it plans to sell its New Zealand life insurance unit to Resolution Life for 410 million New Zealand dollars (US$246 million), as it continues reshaping its portfolio.

Suncorp said the sale of the New Zealand unit, Asteron Life, includes an upfront payment of NZ$250 million with the remainder due 18 months after completion.

Suncorp said its New Zealand general insurance business remains unchanged and part of Suncorp. The transaction also won't change Asteron Life's business operations, which is expected to operate under the same brand with the same management team.

The deal, which is subject to regulatory approvals, allows the New Zealand team to focus exclusively on general insurance.

"We have simplified our portfolio in recent years," said Suncorp Chief Executive Steve Johnston. "We remain committed to the New Zealand general insurance market as part of our refocused group."


Write to Mike Cherney at


(END) Dow Jones Newswires

April 03, 2024 17:32 ET (21:32 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

Market Updates

Sponsor Center