Suncorp Group has completed the divestiture of its New Zealand-based Asteron Life business to Resolution Life Australasia for NZ$410m ($228m).
The deal was first announced in April last year and will result in the formation of one of New Zealand’s largest life insurance companies.
Resolution Life paid NZ$250m upfront and will pay the balance in the next 18 months, with interest accruing during this period.
Asteron Life will retain its brand, continuing to operate as an independent, New Zealand-licensed life insurance entity. It will also remain open to new business.
Grant Willis has been appointed as the CEO of Asteron Life New Zealand.
The company’s governance will be under the direction of the Asteron Life Board, with Simon Tyler serving as the chairman.
Suncorp New Zealand CEO Jimmy Higgins said: “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.
“The move will make Suncorp a more streamlined business that is well placed to succeed in our increasingly complex operating environment.”
Resolution Life Australasia CEO Tim Tez said: “This is a further demonstration of our commitment to growth in the New Zealand market and reaffirms our capability 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, 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.”
In December 2024, Suncorp collaborated with US insurtech company Duck Creek Technologies to upgrade its core insurance platforms.
“Suncorp finalises sale of Asteron Life to Resolution Life ” was originally created and published by Life Insurance International, a GlobalData owned brand.
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