A subsidiary of Bermudian-based Resolution Life has entered into an agreement with Suncorp Group to acquire its New Zealand life insurance company, Asteron Life New Zealand, for NZ$410 million (approximately $248 million).

Resolution Life Australasia said the acquisition will provide the company with significant scale and capability in the New Zealand market, materially increasing its market presence to the benefit of customers.

It added that Asteron Life has a dedicated team of approximately 165 people servicing more than 180,000 customers and their advisers.

Tim Tez, chief executive officer, Resolution Life Australasia, said: “This acquisition further demonstrates our commitment to the Australasian market and our success in growing our business in the region.

“It follows Resolution Life’s entry into the Australian and New Zealand markets in 2020, and our recent acquisition of AIA Australia’s Superannuation and Investments business.

“Our growth is predominantly through the acquisition of in-force portfolios of life insurance policies as well as remaining open to growing new business in select strategic markets.

“Asteron Life presents a compelling opportunity to continue to grow through new individual and group customers while continuing to support existing customers.

“Resolution Life will support the Asteron Life business with its momentum and success in the New Zealand life insurance market.

“As a trusted life insurer, Asteron Life will continue to operate as a stand alone New Zealand licensed life insurance company, under its existing brand in New Zealand and support advisers and their customers using the same dedicated team and management.”

The acquisition is subject to New Zealand regulatory approvals and is expected to complete in about nine months.