Resolution Life set to acquire Asteron Life in NZ$410m Deal

US$247m acquisition from Suncorp Group will make Resolution Life New Zealand's second-largest life insurer.

(Re)in Summary

• Resolution Life Australasia to buy Asteron Life from Suncorp Group for NZ$410m (US$247m), subject to regulatory approval.
• Deal will make Resolution Life the second-largest life insurer in New Zealand.
• Asteron Life to remain a standalone New Zealand licenced life insurance firm, with brand, team, and management structure of Asteron Life to be retained.
• Suncorp Group CEO Steve Johnston describes the sale as ‘win-win’ for all parties, with Suncorp to continue focus on New Zealand general insurance market.

Resolution Life Australasia has announced it will acquire Asteron Life, Suncorp Group’s New Zealand life insurance arm, for NZ$410m, subject to regulatory approval.

The acquisition marks a significant step for Resolution Life, enhancing its scale and capabilities within the New Zealand market and making s the second-largest life insurer in the country,

Asteron Life, which has a workforce of approximately 165 employees and serves over 180,000 customers, will continue to operate as a standalone New Zealand licenced life insurance company, retaining its brand, team, and management structure, Resolution Life said in its announcement.

Tim Tez, Chief Executive Officer of Resolution Life Australasia, commented, “This acquisition further demonstrates our commitment to the Australasian market and our success in growing our business in the region.”

Suncorp Group CEO Steve Johnston, said the acquisition was a ‘win-win’ for all stakeholders.

He added, “We have simplified our portfolio in recent years under a strategy designed to align everyone at Suncorp around improving the way we deliver value for our Australian and New Zealand customers. We remain committed to the New Zealand general insurance market as part of our refocused group.”

Regulatory approval in New Zealand is anticipated to be finalised in approximately nine months.

The acquisition follows Resolution Life’s market entry in Australia and New Zealand in 2020 and the recent purchase of AIA Australia’s Superannuation and Investments business.

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