Insurance and banking services provider Suncorp (ASX:SUN) are set to pay a fully franked special dividend of 8 cents per share on 3 May 2019.
The dividend will follow the successful completion of the sale of its Australian Life Business to TAL Dai-ichi Life Australia.
Suncorp expects to return approximately $600 million of capital from the sale to shareholders.
This special dividend will equate to around $100 million of the net proceeds from the sale.
Subject to shareholder approval the remaining $500 million is expected to be distributed via a pro-rata return of share capital and share consolidation.
Shares in Suncorp (ASX:SUN) are trading 1.21 per cent higher at $13.35.