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(Reuters) - Australian insurer Suncorp Group said on Thursday it would sell its New Zealand life insurance business to Resolution Life for NZ$410 million ($246.53 million), sending its shares to a more than 16-year high.
Shares of Suncorp, which had gained a little more than 18% this year by last close, rose as much as 1.6% to A$16.615 as of 0033 GMT, hitting their highest since December 2007, while the broader market was up 0.5%.
"The transaction continues the reshaping of the Suncorp Group, ...
>>> Read more: Australia's Suncorp to sell NZ life insurance business for $246 million, shares rise
Shares of Suncorp, which had gained a little more than 18% this year by last close, rose as much as 1.6% to A$16.615 as of 0033 GMT, hitting their highest since December 2007, while the broader market was up 0.5%.
"The transaction continues the reshaping of the Suncorp Group, ...
>>> Read more: Australia's Suncorp to sell NZ life insurance business for $246 million, shares rise
