Suncorp completes sale of Asteron Life to Resolution Life

Suncorp received $141.8m plus the estimated excess capital.

Suncorp Group completed the sale of its New Zealand life insurance business, Asteron Life Limited, to Resolution Life NOHC last 31 January. 

Suncorp’s general insurance business in New Zealand remains unaffected, the company said in a statement.

Suncorp received $141.8m (NZ$250m) plus the estimated excess capital as of 31 January, with the final amount subject to post-completion accounting adjustments. 

This represents the first tranche of the $232.6m (NZ$410m) sale price, with the remaining $90.8m (NZ$160m) to be paid 18 months after completion.

($1.00 = NZ$1.76)