Suncorp Completes Sale of Asteron Life NZ

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Suncorp Group has completed the sale of New Zealand-based Asteron Life to Resolution Life Australia. The deal means Resolution Life will be the second largest life insurance company across the ditch by value of premiums.

The NZ$410 purchase, first announced in April 2024, is notable as Resolution Life typically buys closed book businesses. But in this case Asteron Life will continue trading as a standalone company with a remit to expand the business.

Tim Tez, CEO Resolution Life Australasia, says New Zealand is an important market for the firm with the acquisition providing it with “growth prospects”.

Tim Tez – looking for growth in New Zealand.

“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,” he says.

“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.

Grant Willis, Asteron Life’s Executive GM has been appointed as the firm’s CEO, and says its “strong adviser relationships” will provide continuity to its staff, customers and advisers “…as we transition into one of New Zealand’s largest life insurance businesses”.

Resolution Life’s trans-Tasman business has around NZ$1.7bn of in-force premiums and NZ$30.4bn of assets under management.