CANBERA (dpa-AFX) - Australia's Suncorp Group Ltd. (SUN.AX, SNMCY.PK) agreed
to sell its New Zealand life insurance business, Asteron Life Limited, to
Resolution Life for NZ$410 million.

The deal price includes an upfront payment of NZ$250 million at completion with
the remainder due 18 months after completion, during which time interest will be
earned on the outstanding balance.

Suncorp's New Zealand general insurance business remains unchanged and part of
the Suncorp Group.

The Transaction is subject to New Zealand regulatory approvals and notifications
including the Reserve Bank of New Zealand, the Overseas Investment Office and
Commerce Commission, and is expected to complete within nine months.

Suncorp noted that the transaction will result in no change to Asteron Life's
business operations, which is expected to continue to operate under the same
Asteron Life brand with the same management team; continue to support advisers
and their customers using the same local New Zealand team; and remain open to
new business after the acquisition completes.



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