Asteron NZ acquisition creates trans-Tasman | Australian Markets
Barely a month after the announcement of the merger of MLC Life and Decision Life, the company’s trans-Tasman footprint has grown additional through completion of the acquisition of Asteron Life New Zealand from Suncorp Group.
Suncorp introduced the sale of the Asteron NZ business to Decision Life in April final yr in what Suncorp, on the time, described because the persevering with reshaping of business.
Decision Life Australasia chief govt, Tim Tez stated that whereas Asteron Life and Decision Life would proceed to operate underneath separate model in New Zealand, each companies would benefit from the mixed scale, capabilities and broader attain within the native market.
In December, MLC Life’s mother or father company, Nippon Life Insurance Firm, introduced it was buying 100% of Decision Life Australasia to create a new business, Acenda.
The transaction represents a step-change for Decision Life Australasia whose growth has predominantly been through the acquisition of in-force portfolios of life insurance coverage insurance policies.
The December merger announcement stated that the mixed Acenda business would “form a primary life insurer open to new business”.
Yesterday’s affirmation of completion of the Asteron NZ acquisition by Decision Australasia stated Asteron Life would stay open to new business and proceed to operate underneath the Asteron Life model and as a standalone New Zealand licenced and integrated life insurance coverage company.
The Decision Life announcement described New Zealand as an important market for Decision Life with the acquisition offering vital scale, functionality and growth prospects.
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