Resolution Life has entered an agreement to acquire Suncorp Group’s New Zealand life insurance company Asteron Life for NZ$410 million ($375 million).

Asteron Life has a team of around 165 people servicing more than 180,000 customers and their advisers.

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

The acquisition follows Resolution Life’s entry into the Australian and New Zealand markets in 2020, and their recent acquisition of AIA Australia’s Superannuation and Investments business in July 2023.

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