Suncorp Finalizes Asteron Life Sale to Resolution Life
Deal News | Feb 03, 2025 | Re-Insurance News
Suncorp Group Limited, an Australian insurer, has successfully completed the sale of its New Zealand-based life insurance division, Asteron Life Limited, to Resolution Life NOHC as of January 31, 2025. Originally announced in April 2024, the sale was agreed at a total transaction value of NZ$410 million. On the date of completion, Suncorp received an initial payment of NZ$250 million plus the estimated excess capital within Asteron Life, with further adjustments pending the finalization of completion accounts processes. The deal's structure includes an additional payment of NZ$160 million, scheduled 18 months following the closure of the sale. Additionally, Suncorp will provide transitional services to Resolution Life for a maximum period of two years, aiding the continuity of business operations post-acquisition.
Sectors
- Insurance
- Financial Services
Geography
- Australia – Suncorp Group Limited, the selling company, is based in Australia.
- New Zealand – Asteron Life Limited, the target company, operates in New Zealand.
Industry
- Insurance – The article centers around the sale of a life insurance business (Asteron Life Limited) by Suncorp Group Limited, thus falling under the insurance industry classification.
- Financial Services – Resolution Life NOHC, the acquiring entity, operates within the broader financial services sector, focusing on policyholder management and governance.
Financials
- NZ$410 million – Total sale value of Asteron Life by Suncorp to Resolution Life.
- NZ$250 million – Initial payment received by Suncorp at the completion of the sale.
- NZ$160 million – Remaining payment due 18 months after the sale completion.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Suncorp Group Limited | Seller | Company | An Australian insurance company selling its life insurance division in New Zealand. |
| Asteron Life Limited | Target | Company | The New Zealand-based life insurance business being sold. |
| Resolution Life NOHC | Buyer | Company | A company that acquires and manages life insurance portfolios, buying Asteron Life from Suncorp. |