RCS - Resolution Life Grp - Resolution Life to acquire Asteron Life

AIAAnnouncement

04/04/2024 08:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240404:nRSD2357Ja&default-theme=true

RNS Number : 2357J  Resolution Life Group  04 April 2024

Resolution Life to acquire Suncorp's New Zealand life insurance company,
Asteron Life

 

·      Continues trans-Tasman growth with agreement to purchase Asteron
Life for NZ$410m

·      Elevates Resolution Life to the second largest life insurer in
New Zealand

·      Ongoing commitment and support to existing Asteron Life customers
and advisers

SYDNEY, AUSTRALIA, - Resolution Life, a leading global manager of in-force
life and annuity policies, announces that Resolution Life Australasia, its
trans-Tasman life insurer, has entered into an agreement with Suncorp Group to
acquire its New Zealand life insurance company, Asteron Life New Zealand
(Asteron Life) for NZ$410m.

The acquisition will provide Resolution Life with significant scale and
capability in the New Zealand market, materially increasing its market
presence to the benefit of customers.

Asteron Life is a well-established and highly respected New Zealand life
insurer, with a dedicated team of circa 165 people servicing more than 180,000
customers and their advisers.

Tim Tez, Chief Executive Officer Resolution Life Australasia, commented:

"This acquisition further demonstrates our commitment to the Australasian
market and our success in growing our business in the region.

"It follows Resolution Life's entry into the Australian and New Zealand
markets in 2020, and our recent acquisition of AIA Australia's Superannuation
and Investments business.

"Our growth is predominantly through the acquisition of in-force portfolios of
life insurance policies as well as remaining open to growing new business in
select strategic markets. Asteron Life presents a compelling opportunity to
continue to grow through new individual and group customers while continuing
to support existing customers.

"Resolution Life will support the Asteron Life business with its momentum and
success in the New Zealand life insurance market. As a trusted life insurer,
Asteron Life will continue to operate as a standalone New Zealand licenced
life insurance company, under its existing brand in New Zealand and support
advisers and their customers using the same dedicated team and management."

The acquisition is subject to New Zealand regulatory approvals and is expected
to complete in ~nine months.

ENDS

 

Notes to Editors:

About Resolution Life

Resolution Life is a global life insurance group focusing on the acquisition
and management of portfolios of life insurance policies. Since 2003 to date,
prior Resolution entities together with Resolution Life have deployed
c.$18billion of equity in the acquisition, reinsurance, consolidation and
management of life insurance companies. Together, these companies have served
the needs of c.14 million policyholders while managing over $377 billion of
assets. Resolution Life today has operations in Bermuda, the U.K., the U.S.,
Australia and New Zealand, assisting the restructuring of the primary life
insurance industry globally.  Resolution Life provides a safe and reliable
partner for insurers by:

·    Focusing on serving existing customers, and supporting primary
insurers with new sales

·    Delivering policyholder benefits in a secure, well capitalised
environment

·    Returning capital over time to our institutional investors in the
form of a steady dividend yield

 

Visit resolutionlife.com (http://www.resolutionlife.com) for more information.

 

About Resolution Life Australasia

Resolution Life Australasia is part of Resolution Life. It has approximately
A$28.4 billion (NZ$30.4 billion) in assets under management and is a
well-capitalised business with a dedicated focus on servicing its existing 1.1
million customers across Australia and New Zealand and providing them with
competitive premiums, quality investment management, great customer service
and efficient claims management.

In New Zealand, Resolution Life NZ is an incorporated company that has been
licensed by the Reserve Bank of New Zealand to carry out insurance business in
the country.

About Asteron Life New Zealand

Asteron Life is a well-established and highly respected life insurer in New
Zealand.

Asteron Life provides a range of life, trauma, income protection, total and
permanent disability, and business cover to the New Zealand market. Its
products are predominantly retail, sold through financial advisers as well as
direct and group business.

Media Enquiries:

SEC Newgate

Erica Borgelt                 +61 (0) 413 732 951

Email:
erica.borgelt@secnewgate.com.au

 

Temple Bar Advisory

Alex Child-Villiers:         +44 (0)7795 425 580

Juliette Packard:           +44 (0)7425 826161

Email:
resolution@templebaradvisory.com

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRAUPUCPCUPCGRW