Australia's Suncorp to sell NZ life insurance business for $246m, shares rise

Australia's Suncorp to sell NZ life insurance business for $246m, shares rise

FILE PHOTO: A Suncorp Group Ltd sign adorns their office building in Sydney, Australia, August 4, 2015. REUTERS/David Gray

Australian insurer Suncorp Group said on Thursday it would sell its New Zealand life insurance business to Resolution Life for NZ$410 million ($246.53 million), sending its shares to a more than 16-year high.