Resolution Life Completes Asteron Life Acquisition

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Resolution Life has completed its $410m acquisition of Asteron Life NZ from Suncorp Group.

Asteron Life will remain open to new business and continue to operate under the Asteron Life brand, and as a standalone New Zealand licenced and incorporated life insurance company.

The firm will be led by Grant Willis as CEO and the business will be overseen by the Asteron Life board chaired by Simon Tyler.

Grant Willis, Executive General Manager Life, at Asteron Life.
Grant Willis

Willis says: “The Asteron Life team, our market leading products and strong adviser relationships will all be retained providing continuity to our people, customers and advisers as we transition into one of New Zealand’s largest life insurance businesses.”

Tim Tez, CEO Resolution Life Australasia, says: “While Asteron Life and Resolution Life will continue to operate under separate brands in New Zealand, both businesses will benefit from the combined scale, capabilities and broader reach in the local market.

“We look forward to welcoming our new colleagues, customers, and advisers, and remain committed to ensuring a smooth integration process that prioritises a good experience.”

An Important Milestone in Suncorp’s Evolution

Meanwhile, in its announcement on the completion of the sale,  Suncorp Group says the transaction “…continues the reshaping and simplification of the Group’s strategy to create a dedicated Trans-Tasman general insurance company and positions the business for ongoing growth.”

Suncorp New Zealand CEO, Jimmy Higgins says the sale of Asteron Life “…marks an important milestone in Suncorp’s evolution into a pure play general insurer and will allow us to better serve the needs of New Zealand customers, brokers and partners.”

He says the move will make Suncorp “…a more streamlined business that’s well placed to succeed in our increasingly complex operating environment. I wish the Asteron Life team all the best for the future, and I look forward to their continued success as part of the Resolution Life group.”

Click here to see our previous reports on the sale.