November 12, 2018 / 10:14 PM / a month ago

Australia's Suncorp postpones close of insurance business sale

Nov 13 (Reuters) - Suncorp Group on Tuesday postponed the targeted close of the A$725 million ($520.04 million) sale of its Australian life insurance business to Japan’s Dai-ichi Life, citing the timing of regulatory approvals.

The company said in a statement it was targeting late February for the completion date, compared with its initial date of late-December this year.

The company also said that an extraordinary general shareholders’ meeting regarding a capital return would be held after the completion of the sale, instead of mid-December as initially proposed. ($1 = 1.3941 Australian dollars) (Reporting by Ambar Warrick in Bengaluru Editing by Leslie Adler)

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