Completion of Suncorp life sale to TAL delayed

Suncorp expects to complete the sale of its life insurance business to TAL around the end of February, next year.

The company announced to the Australian Securities Exchange (ASX) today that it was targeting 28 February as the completion date for the sale of the business after signing a share sale deed with Tal Dai-Ichi Life Australia Pty Ltd on 4 September with a completion date of 31 December.

The announcement said the new date reflected Suncorp’s latest expectation regarding the timing of regulatory approvals for the transaction.

It said the extraordinary general meeting to seek shareholder approval for the pro-rata return of capital and share consolidation, previously proposed for 13 December, wold now be held after completion of the transaction occurred.

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