Resolution Life has completed the acquisition of Asteron Life New Zealand for NZ$410 million, enhancing its presence in the New Zealand life insurance market and creating a major player in the industry.

Target Company Information

Resolution Life, a prominent global manager of in-force life and annuity policies, has successfully acquired Asteron Life New Zealand for NZ$410 million from Suncorp Group Limited. Asteron Life, a highly regarded life insurer in New Zealand, delivers a diverse portfolio of life insurance products, including life, trauma, income protection, total and permanent disability, and business coverage. Committed to maintaining its distinct brand, Asteron Life will continue to operate independently, focusing on serving its existing customers while pursuing new business opportunities.

Industry Overview in New Zealand

The life insurance sector in New Zealand is vital to the country’s financial landscape, providing essential risk management solutions to individuals and businesses alike. The industry has seen robust growth, driven by increasing awareness of financial security and the need for protection against unforeseen circumstances. Regulatory frameworks are strengthening, ensuring that insurers maintain sufficient solvency and manage customer funds responsibly, further boosting consumer confidence.

New Zealand's diverse economy has also contributed to the growth of life insurance, as more individuals invest in long-term financial planning. The market has rapidly adapted to