Suncorp flicks Asteron Life for $410 million

Wellington's landmark Asteron House –no logo change. (Image: NZME)

Thu, 04 Apr 2024

Australian insurer Suncorp is selling its New Zealand life insurance business, Asteron Life, for $410 million to an international insurance group, Resolution Life.In a statement to the Australian securities exchange (ASX), Suncorp said the sale would be settled in two tranches, with $250m to be paid up-front and the remainder in 18 months’ time.The sale will see Asteron continue to operate under its current name and team in NZ.Suncorp group chief executive Steve Johnston said the sale was part of a simplification strategy and that it rema...

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