Leading life insurer, TAL Life Limited (TAL Life), has finalised its acquisition of Suncorp’s Australian life insurance business, Asteron Life & Superannuation Limited (Asteron Life), with the completion of the legal process known as Part 9 and the transferring of Asteron Life’s life insurance business to TAL Life.
On 24 September 2021, under Part 9 of the Life Insurance Act 1995 (Cth), the Federal Court of Australia granted TAL Life and Asteron Life approval to transfer Asteron Life’s life insurance business to TAL Life (referred to as a Scheme).
As of 1 October 2021, the Scheme has transferred the assets and liabilities of Asteron Life’s life insurance business, including all the life insurance policies issued by Asteron Life, to TAL Life. TAL Life is now the issuer of Asteron Life’s life insurance policies.
Importantly, this milestone has not changed how the group does business with its policyholders and customers. Asteron Life policyholders and lives insured are now TAL Life policyholders and lives insured, and there are no changes to any policy terms and conditions. The Asteron brand also remains in the market.