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
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Last
$21.18 |
Change
0.130(0.62%) |
Mkt cap ! $22.93B | |||
| Open | High | Low | Value | Volume |
| $21.28 | $21.43 | $21.15 | $24.02M | 1.130M |
Buyers (Bids)
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|---|---|---|
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| Price($) | Vol. | No. |
|---|---|---|
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