Suncorp (ASX:SUN) has today confirmed it will sell its Australian life insurance business to TAL under the share sale deed for around $735 million.
The share sale includes a 20-year distribution agreement with TAL to offer market-leading life insurance solutions through Suncorp Australian distribution channels, including its digital channels, contact centres and store network.
Under the agreement, SUncorp will continue to earn income on the distribution of life insurance.
Allowing for costs, Suncorp anticipates returning about $600 million to shareholders following the completion of the transaction.
The company says the transaction should occur by the 31st of December 2018.
Shares in Suncorp (ASX:SUN) closed 0.32 per cent lower to $15.44 yesterday.