Asteron Life is to be sold by owner Suncorp Group for NZ$410m to Resolution Life Australia – a part of global life insurance group Resolution Life. While the purchase is subject to regulatory approval, the firms hopes to complete the deal by the year-end.
Resolution Life Australasia CEO, Tim Tez said: “Asteron Life is a successful and growing New Zealand life insurer with well-established and highly respected business operations.
“We are committed to maintaining and enhancing Asteron Life’s proposition to advisers and their customers, who are such an integral part of this business. We look forward to working with the Asteron Life team once the transaction completes.”
Suncorp New Zealand CEO, Jimmy Higgins says Resolution Life Australasia’s dedicated life insurance focus will support Asteron Life to meet the evolving needs of customers, advisers, stakeholders and employees.
“Resolution Life is committed to supporting Asteron Life to continue its strategic growth and digital modernisation enhancements.”
Executive GM Asteron Life Grant Willis says its customers and advisers will continue to work with the firm as they usually do.
“We will continue to provide and support our market leading products in the independent adviser, employee insurance and direct market,” he said.
Resolution Life Australasia has around $1.7bn of in-force premium and $30bn assets under management.
Higgins says a transition team has been established to ensure a smooth transition with minimal impact to advisers, brokers, staff, and customers.
In 2018 TAL Australia bought Suncorp’s Australian life insurance business in a deal valued at AU$725m. See our report here.
Riskinfonz reported in April 2022 that Asteron Life may be on the market. See our report: Could Asteron Life be the Next Insurer to Change Hands?