By Ryan Hewlett
Feb 4 - (The Insurer) - Suncorp Group has completed the previously announced sale of its New Zealand life insurance business after receiving regulatory approval.
The sale of Asteron Life Limited to Resolution Life NOHC formally completed on 31 January 2025.
The group’s New Zealand general insurance business remains unchanged and part of Suncorp.
Suncorp received NZ$250mn ($140mn) plus the estimated excess capital in the business as at 31 January 2025. The level of excess capital is subject to the completion accounts processes post completion.
This payment is the first tranche of the NZ$410mn sale price, with the remaining NZ$160mn to be paid 18 months after completion.
As part of the sale, Suncorp has entered into a transitional services agreement for a period of up to two years post completion.
ASX-listed Suncorp will release its 2025 first half results on 12 February 2025.
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