Suncorp has signed the share sale deed to pass its Australian life insurance business to TAL Dai-ichi Life for $725 million.

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

Suncorp announced the sale last month and expects to return about $600 million to shareholders. It is expected to close by the end of the year, subject to regulatory approvals and meeting conditions.

Pieter Lindhout has been appointed CEO of Suncorp Life Australia, reporting to CEO Insurance Gary Dransfield.

Mr Lindhout ran a consultancy before taking the job, and has previously held senior roles at Aegon Australia, GE Capital and Tower Insurance, a spokesman told insuranceNEWS.com.au.

Kevin Decker has been appointed EGM Life Transition and Integration, reporting to Mr Lindhout. He was previously EGM customer development, according to his LinkedIn profile.

The spokesman says the life business is being moved to a predominantly standalone team before the transition to TAL.