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Suncorp sells life insurance arm for $725m

Suncorp has entered an agreement to sell its life insurance division to a unit of Dai-Ichi Life Holdings for $725 million, ending more than a year of speculation over a sale it had considered since early 2017.

Completion of the sale is expected to result in an after-tax non-cash loss on sale in 2018/19 of approximately $880 million, Suncorp said in a statement.

The insurance giant made the announcement on the same day it posted a 1.5 per cent drop in full-yer profit to $1.06 billion.