While Suncorp’s top brass are hunkered down securing approvals for their $4.9 billion bank sale to ANZ, they have also quietly opened the door for tyrekickers keen to look at another unit.
The Kiwi life insurance unit tallied up just $NZ16 million in after-tax profit for the December half - a miserly 2.6 per cent of the group’s $560 million profit in the period, or 17.5 per cent of Suncorp New Zealand. A great starting point for bankers trying to shake out a bid would be Japanese giant Dai-ichi Life, or its local entity TAL Dai-ichi Life, which bought Suncorp’s Australian life insurance for $725 million in 2018 and now runs the Australian Asteron brand.
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