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Suncorp (ASX:SUN) share price on watch after news its ditching super
Brooke Cooper | April 28, 2021 10:00am |
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Suncorp Group Limited(ASX: SUN) share price is on watch this morning after the company shared news it is selling its superannuation products. Suncorp Portfolio Services Limited, the company’s superannuation portfolio, will soon have a new home with
LGIAsuper.
Let’s take a closer look at today’s news from Suncorp.
Suncorp super sale
According to Suncorp’s release, the sale of Suncorp Portfolio Services Limited was proposed in the company’s recent strategic review.
Suncorp says the sale will simplify the company’s portfolio and expects it will have little impact on its profits.
Mortgage Business
Suncorp sells wealth arm for $45 million By Annie Kane 29 April 2021
The financial services group has announced that it is selling its wealth business for $45 million as it moves to simplify its offering.
Suncorp has confirmed that it has entered into an agreement for the sale of its Australian wealth business, Suncorp Portfolio Services Ltd (SPSL), to LGIAsuper.
The agreement, which is dependent on regulatory approvals, is for a total consideration of $45 million (subject to standard completion adjustments). This includes a fixed amount of $26.6 million, plus regulatory capital.
Suncorp has said that it will enter into an agreement with LGIAsuper to distribute Suncorp superannuation products to Suncorp customers for 18 months after completion of the sale.
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Suncorp drops out of CBA general insurance auction: sources
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ASX-listed Suncorp Group has given up its pursuit of Commonwealth Bank of Australiaâs up-for-sale general insurance unit.
It is understood Suncorp has dropped out of the Goldman Sachs-run auction, leaving rivals Insurance Australia Group and Allianz to duke it out for the division. Sources said bids were due in the coming week or so.
Street Talk. Â
Glenn Hunt
Suncorp shareholders are expected to welcome the news. The companyâs not afraid of M&A to grow its book of business and earnings, but doesnât want to be paying big premiums for assets.