Suncorp Group announced the sale of its New Zealand Asteron Life business to focus on its general insurance operations.
The Australia-based group said the transaction continued the reshaping of the company, and would position its NZ general and life insurance brands for ongoing growth and success to benefit “employees, customers and other stakeholders."
The sale - subject to New Zealand regulatory approvals - is expected to be completed within nine months. Suncorp’s New Zealand general insurance business remains unchanged and is part of the Suncorp Group.
Suncorp New Zealand CEO Jimmy Higgins said its increased focus on general insurance business would enable it to meet the rapidly evolving needs of customers.
"We continue to address the challenges of climate change and affordability, through advocating for a more resilient New Zealand at a time when the value of insurance has never been greater."
Suncorp Group said it would be fully committed to the New Zealand Asteron Life business throughout the transition, ensuring minimal disruption to customers, partners and advisers.
Asteron Life’s new owner, Australian firm Resolution Life, has extensive experience in complex life insurance transactions across multiple continents.
The trans-Tasman business has approximately NZ$1.7bn of in-force premium (API) and NZ$30.4bn assets under management.
