Australia's Suncorp to sell NZ life insurance business for $246 million, shares rise

- Australian insurer Suncorp Group said on Thursday it would sell its New Zealand life insurance business to Resolution Life for NZ$410 million , sending its shares to a more than 16-year high.

"The transaction continues the reshaping of the Suncorp Group, and positions both the general and life insurance businesses for ongoing growth and success," Suncorp CEO Steve Johnston said in a statement.Analysts at UBS said they believe the New Zealand life insurance unit, Asteron Life, was not core to the group and the divestment is "strategically attractive", allowing Suncorp to focus on its more attractive general insurance operations.

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