Suncorp has released more details of the sale of Asteron Life, saying the deal should be completed by the end of January 2025.
Suncorp announced it was in talks to offload the life firm to Resolution Life via a share sale and purchase agreement in April. See our report: Asteron Life Sold
Since then Suncorp states it has completed a number of hurdles to facilitate the transfer of the business, including receiving approval from the Overseas Investment Office.
And according to a statement published in Suncorp’s 2024 annual report, “…no objections were raised by the New Zealand Commerce Commission”.
The estimated net proceeds from the sale of Suncorp’s New Zealand life business is around AU$270m (NZ$298m), states the firm.