Suncorp Group finished the sale of his Asteron life activity based in New Zealand to resolve life in Australasia for $ 410 million ($ 228 million).
The agreement was announced for the first time in April of last year and will lead to the training of one of the largest life insurance companies in New Zealand.
Resolution The lifespan paid $ 250 million NZ in advance and will pay the balance in the next 18 months, with interest accumulated during this period.
Asteron Life will keep its brand, continuing to operate as an independent life insurance entity linked to New Zealand. It will also remain open to new businesses.
Grant Willis was appointed CEO of Asteron Life New Zealand.
The governance of the company will be under the direction of the Asteron Life Board, Simon Tyler being the president.
The CEO of Suncorp New Zealand, Jimmy Higgins, said: “The sale of Asteron Life marks an important step in the evolution of Suncorp in a general insurer of pure game and will allow us to better meet the needs of customers, brokers and New Zealand partners.
“This decision will make Suncorp a more rationalized company which is well placed to succeed in our increasingly complex operational environment.”
The CEO of resolution Life Australasia, Tim Tez, said: “This is another demonstration of our commitment to growth in the New Zealand market and reaffirms our capacity in the acquisition and integration of complex transactions , working in close partnership with current owners.
“While ASTERON LIFE AND RESOLUTION LIFE will continue to operate under separate brands in New Zealand, the two companies will benefit from the combined ladder, the wider capacities and scope on the local market. We are impatient to welcome our new colleagues, customers and advisers, and to remain determined to ensure a smooth integration process which favors good experience. »»
In December 2024, Suncorp collaborated with US Insurech Company Duck Creek Technologies to upgrade its basic insurance platforms.
“SUNCORP finalizes the sale of Asteron Life to Resolution Life” was created and published by Life Insurance InternationalA brand belonging to GlobalData.
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