Suncorp has moved to clarify sale terms of its 50% stake in RAC Insurance following the release of the Royal Automobile Club (Western Australia) annual report.

RAC-WA purchased the Suncorp stake for $104.6 million last year, marginally more than the $100 million Promina reportedly paid for the stake in 2001.

Figures disclosed by Suncorp to insuranceNEWS.com.au reveal Promina in fact paid $68 million at the time of the deal.

While Promina later injected a further $29 million into the business within the first 12 months of the deal, RAC-WA was also obliged to contribute $29 million.