Suncorp has sold its life insurance business to Japan’s Dai-ichi Life for $725 million, following the lead of Commonwealth Bank, NAB and ANZ in leaving the sector.
The financial institution announced on Thursday that it will sign the binding sale paperwork by the end of this month, and expects to complete the deal by December 31.
On the same day, Suncorp also posted its full-year results, which revealed declines in revenue and profit. Statutory net profit dropped 1.5 per cent to $1.06 billion while revenue fell 11.17 per cent to $15.45 billion.
The company’s New Zealand business recorded the best growth with an increase of 65 per cent in profits to $135 million, thanks to higher premiums and lower claim costs. The Australian division had a more modest increase of 2.2 per cent to $739 million.