Aug 9 (Reuters) - Suncorp Group Ltd (SUN) :
- SUN REACHES AGREEMENT ON AUSTRALIAN LIFE BUSINESS
- FY NET PROFIT AFTER TAX OF $1,059 MILLION
- HAS ENTERED INTO A NON-BINDING HEADS OF AGREEMENT TO SELL ITS AUSTRALIAN LIFE INSURANCE BUSINESS TO TAL DAI-ICHI LIFE AUSTRALIA
- DEAL FOR APPROXIMATELY $725 MILLION
- SUNCORP ANTICIPATES RETURNING APPROXIMATELY $600 MILLION TO SHAREHOLDERS FOLLOWING COMPLETION OF TRANSACTION
- COMPLETION OF TRANSACTION IS EXPECTED TO OCCUR BY 31 DECEMBER 2018
- COMPLETION OF TRANSACTION IS EXPECTED TO RESULT IN AN AFTER TAX NON-CASH LOSS ON SALE IN FY19 OF ABOUT $880 MILLION
- CONFIRMED ITS TARGET OF A CASH ROE OF 10% FOR FY19
- WILL CONTINUE TO EARN INCOME ON DISTRIBUTION OF LIFE INSURANCE
- ASSUMING COMPLETION BY 31 DECEMBER 2018, TRANSACTION IS EXPECTED TO BE MARGINALLY ACCRETIVE TO CASH RETURN ON EQUITY IN FY19
- AGREEMENT INCLUDES 20-YEAR STRATEGIC ALLIANCE WITH TAL; UNDER ALLIANCE, CO TO CONTINUE TO EARN INCOME ON DISTRIBUTION OF LIFE INSURANCE
News: SUN Suncorp Enters Agreement With Dai-Ichi Life Australia For Insurance Business Sale
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