Suncorp: Life doesn't mean life

According to the Australian Financial Review, AMP was already eyeing up the newly-named Suncorp Life, which includes the Tyndall funds management business and Asteron in New Zealand. AMP was the losing bidder for the Australian arm of Aviva, which was sold to rival National Australia Bank (NAB) for approximately A$825 million last week.

Last October Suncorp was close to offloading its wealth management business before the Australian bank government guarantee offered the beleagured group a lifeline.

In a statement released to the ASX this week, Geoff Summerhayes, Suncorp group executive, said the 'Suncorp Life' moniker was a clear indication of "the business' strength, and strategic focus on life risk".

"Suncorp Life aspires to be a leading life insurance specialist with first tier scale and distribution in Australia, and to occupy the clear second position in New Zealand," Summerhayes said in the statement. "Our business strength lies in life risk and the new business unit name - Suncorp Life - sends a strong message to all stakeholders that our business model is aligned to our aspiration."