Suncorp confirms life sale to TAL

Suncorp Limited has used its annual results to confirm that it has signed a non-binding Heads of Agreement with TAL Dai-Ichi Life Australian to sell its Australian Life Insurance business.

The company told the Australian Securities Exchange that the consideration was expected to be around $725 million with the transaction resulting in a non-cash write-down to goodwill and net assets of around $880 million.

The news came as Suncorp reported a 1.5 per cent decline in net profit after tax to $1,059 million on cash earnings of $1,098 million.

The directors declared a fully franked dividend of 73 cents per share.

Related Content

TAL and Suncorp acquisition complete

TAL Dai-Chi Life Australia has finally finished its acquisition of Suncorp’s Australian life insurance business, announcing this afternoon that the ...Read more

Insurers clearly signal their backing for life/risk advisers

The major life/risk insurers have made clear they see financial advisers as being integral to the industry and have sent a clear message that any move...Read more

TAL wins AFA’s Life Company of the Year title

TAL Life has taken out the overall platinum Life Company of the Year award for the second year in a row at the Association of Financial Advisers’ (A...Read more



Add new comment