Asteron Life not sold with Australian business

Suncorp has sold its Asteron Life subsidiary business in Australia to TAL Dai-Ichi Life, for about A$725 million ($809 mill), but the New Zealand business wasn't included in the sale.

Asteron Life, and AA Life, in New Zealand reported a profit of $148 million for the 12 months to 30 June 2018.

It said its life insurance business, which included Asteron Life and AA Life, delivered net profit that was down $1 million on the year before due to lapse and claim volatility.

In-force premium grew by 4.9%.