Suncorp joined the growing list of Australian financial services groups to put its life unit up for grabs.
Global and Asian insurers will be looking at Australia for yet another insurance deal. Brisbane based Suncorp group is said to be the latest financial institution to be about to sell off its life insurance operations.
Interested parties have been told to expect the information memorandum by the middle of the month according to a report in the Australian Financial Review (paywall) and follows news that advisory firms Luminis Partners and Nomura had been reviewing the business, which is Australia's 11th largest life insurer according to data from accounting firm PwC.
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The Commonwealth Bank of Australia (CBA) sold 100 percent of its Australian and New Zealand life insurance businesses to AIA Group for $3.8 billion, last month. finews.asia reported last October on the deal that saw National Australia Bank finalise the sale of 80 percent of its MLC life insurance subsidiary to Nippon Life Insurance for $2.4 billion.
Acquisitive Japanese insurers such as Dai Ichi and Meiji Yasuda who are struggling for growth in their domestic market, are known to be keen on the Australian market. Global players Zurich, Allianz and MetLife are also known to be keen to make acquisitions in that market.
