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 launches digital Adviser Centre

TAL has launched its new digital Adviser Centre platform, which was designed in collaboration with advisers, to better support its adviser partners in...Read more

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 Australi...Read more

MLC Life stays atop the podium

A combination of solid products across the range and competitive pricing has seen MLC Life record back-to-back victories as the Risk Company of the Ye...Read more



Add new comment