Resolution Life has completed its $NZ410 million ($371 million) purchase of Suncorp’s life business in New Zealand after securing regulatory approvals.

The parties have said the deal, announced in April last year, will strengthen their respective life and general insurance goals in the Australasian market.

Suncorp New Zealand CEO Jimmy Higgins says the sale of Asteron Life “marks an important milestone in Suncorp’s evolution into a pureplay general insurer and will allow us to better serve the needs of New Zealand customers, brokers and partners.

“The move will make Suncorp a more streamlined business that’s well placed to succeed in our increasingly complex operating environment.”

Resolution is a major life insurance player after buying AMP’s life business in 2020. Its Australian and New Zealand subsidiary will merge with Nippon-backed MLC Life Insurance as part of an $US8.2 billion ($13.3 billion) deal announced last December.

The Bermuda-based group says New Zealand “is an important market … with the acquisition providing significant scale, capability and growth prospects in this market”.

Asteron Life will continue to operate under its brand and as a standalone New Zealand-licensed and incorporated life insurance company. The business will be led by CEO Grant Willis, who was previously EGM of life.

“While Asteron Life and Resolution Life will continue to operate under separate brands in New Zealand, both businesses will benefit from the combined scale, capabilities and broader reach in the local market,” Resolution Life Australasia CEO Tim Tez said.