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