Suncorp Group
(ASX:SUN) has finalised the sale of its New Zealand Autosure motor insurance business to Turners Limited.
The banks says the sale results in a release of $30 million in capital and a post-tax loss of $25 million on disposal.
The settlement will be booked in Suncorp’s 2017 half year results as a non-cash item. It will also be accretive to the bank’s New Zealand business.
Suncorp says its New Zealand financial results will also be impacted by further claims from the Canterbury and Kaikoura earthquakes
Suncorp Group posted a net profit of $1.05 billion at 30 June 2016.
