Suncorp says the sale of its Australian life insurance business has been delayed as it awaits regulatory approvals.

It is now targeting February 28 for completion, compared with an earlier expectation that the transaction would be wrapped up by the end of this year.

The $725 million sale to TAL Dai-ichi Life Australia was signed in September. 

It includes a 20-year distribution agreement with TAL to offer life products via Suncorp’s local channels.

A Suncorp shareholders’ meeting proposed for December 13 to seek approval for a pro-rata return of capital and share consolidation will now be held after the deal’s completion.