Thursday, December 14, 2017

Suncorp plans to sell life insurance unit

Less than a month after the Commonwealth Bank of Australia (CBA) sold 100% of its life insurance business, another Australian firm is reportedly planning to put its life insurance unit up for sale.

Suncorp Group is reportedly releasing its information memorandum within the week, seeking to capitalise on strong demand for local assets.

The sale documents for Suncorp’s life insurance operations should interest global and Asian insurers.

The reported plan to sell its life unit comes after Suncorp chief executive Michael Cameron commenced a strategic review of the division in February.

Since then, the financial firm has undertaken roadshows in Japan and other parts of Asia with potential acquirers.

Last month, CBA sold 100% percent of its Australian and New Zealand life insurance businesses to AIA Group for US$3.8 billion.

In 2016, National Australia Bank sold an 80% stake of its business to Nippon Life while Macquarie Group offloaded its life insurance arm to Zurich.

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