August 8, 2018 / 10:13 PM / 13 days ago

Australia's Suncorp to sell life insurance unit to Dai-Ichi Life unit for $539 mln

Aug 9 (Reuters) - Insurer Suncorp Group Ltd said on Thursday it had entered an agreement to sell its life insurance division to a unit of Dai-Ichi Life Holdings for A$725 million ($538.82 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 fiscal 2019 of approximately A$880 million, Suncorp said in a statement.

$1 = 1.3455 Australian dollars Reporting by Ambar Warrick in Bengaluru; Editing by Sandra Maler

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