Resolution Life to Purchase Asteron Life from Suncorp Group

Resolution Life Australasia, part of the global life insurance management group Resolution Life, has announced an agreement to acquire Asteron Life New Zealand (Asteron Life) for NZ$410m from Suncorp Group. The purchase marks a significant expansion for Resolution Life in the New Zealand market, positioning the company as the second-largest life insurer in the country.

Asteron Life, a notable New Zealand life insurance firm, encompasses about 165 employees who cater to over 180,000 customers and their advisers. The acquisition demonstrates Resolution Life's continued dedication to the Australasian region, building on its 2020 market entry and the recent acquisition of AIA Australia's Superannuation and Investments business.

Tim Tez, the CEO of Resolution Life Australasia, stated the acquisition underscores the company’s strategy of growth through acquiring in-force portfolios and supporting new and existing business. Asteron Life will continue operations as an independent entity under its brand in New Zealand, ensuring continuity for advisers and customers.

The transaction is pending regulatory approval in New Zealand and is expected to finalize within approximately nine months. This strategic acquisition is set to enhance Resolution Life's market presence and support services for policyholders in New Zealand.