BOQ sells insurance business for $65M

Company News

by Anna Napoli

Bank of Queensland(ASX:BOQ) has inked a deal to sell its St Andrews insurance business to Freedom (ASX:FIG) insurance group for $65 million.

The company will also enter into an exclusive 3 year distribution agreement with Freedom for the provision of life insurance products to BOQ’s customers.

Freedom is a publicly listed life insurance company.

BOQ says the deal makes strategic sense for both parties.

The company has also reported an 8 per cent rise in first half net profit to $174m.

Shares in Bank of Queensland (ASX:BOQ) are trading 3.11 per cent lower to $10.58

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.