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.

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