Suncorp’s New Zealand general insurance operations will not be affected by this sale and will continue as part of the Suncorp Group. Credit: Marlon Trottmann/Shuttertsock.com.

Australian insurance company Suncorp Group has agreed to offload its New Zealand life insurance business, Asteron Life, to Resolution Life for NZ$410m ($246.4m). 

The deal awaits regulatory clearances from various New Zealand authorities, with completion anticipated within the next nine months. 

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Resolution Life will pay NZ$250m upfront to Suncorp at closing, with the balance to be paid 18 months later, accruing interest in the interim.  

Despite the change in ownership, Asteron Life’s operations are set to continue without alteration.  

Post-acquisition, the life insurer will retain its existing brand as well as its current management team.  

Suncorp’s New Zealand general insurance operations will not be affected by the sale and will continue as part of the Suncorp Group.  

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The company emphasises that the divestiture of Asteron Life aligns with the interests of its policyholders and enables the New Zealand team to dedicate its efforts solely to general insurance. 

Since February 2023, Suncorp Group has been exploring different options and engaging with several potential buyers for selling its Asteron Life business, which it considers non-core.  

Asteron Life has a team of around 165 people serving more than 180,000 clients and their advisers. 

Resolution Life said the deal would make it the second-largest life insurer in New Zealand. 

Suncorp Group CEO Steve Johnston said: “In addition to supporting existing customers, Resolution Life will continue to grow new business in New Zealand through the Asteron Life brand, providing customers with greater access to contemporary products.  

“The transaction continues the reshaping of the Suncorp Group, and positions both the general and life insurance businesses for ongoing growth and success – benefitting employees, customers and other stakeholders.” 

Resolution Life Australasia CEO Tim Tez said: “This acquisition further demonstrates our commitment to the Australasian market and our success in growing our business in the region. 

“It follows Resolution Life’s entry into the Australian and New Zealand markets in 2020, and our recent acquisition of AIA Australia’s Superannuation and Investments business.”