Resolution Life completes Asteron purchase
Resolution Life has finalised its $410 million acquisition of Asteron Life New Zealand from Suncorp Group, making it one of the largest players in New Zealand's life insurance sector.
Monday, February 3rd 2025, 4:12PM
Asteron Life will continue to operate under its brand, remain open to new business, and function as an independent, New Zealand-based life insurance entity.
Resolution Life Australasia chief executive, Tim Tez, said, “We are delighted to have successfully completed the acquisition of Asteron Life. This is a further demonstration of our commitment to growth in the New Zealand market and reaffirms our capability in the acquisition and integration of complex transactions, working in close partnership with current owners.”
“While Asteron Life and Resolution Life will continue to operate under separate brands in New Zealand, both businesses will benefit from the combined scale, capabilities and broader reach in the local market,” said Tez.
The deal marks a significant expansion for Resolution Life in New Zealand, enhancing its presence through Asteron Life's established brand and customer base, which they say provides opportunity for significant scale, capability and growth prospects in this market.
The transaction has led to key appointments, with Grant Willis appointed CEO of Asteron Life New Zealand, and Simon Tyler taking the chair of the Asteron Life Board.
Willis said, “We are thrilled to be part of Resolution Life Australasia. We welcome their support of our business which will enable us to deliver our strategic growth agenda and continue to serve our New Zealand policyholders.
The Asteron Life team, our market leading products and strong adviser relationships will all be retained providing continuity to our people, customers and advisers as we transition into one of New Zealand’s largest life insurance businesses.”
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