SYDNEY, AUSTRALIA: Suncorp Group (ASX: SUN) has completed the sale of its 50% interest in RACT Insurance to its joint venture partner, the Royal Automobile Club of Tasmania Ltd (RACT), announced on 2 July 2021.
As previously disclosed, the sale was for a cash consideration of $83.75 million and is part of the continued simplification of the Group. The pre-tax profit on sale is $65 million, with the total capital release as a result of the transaction being $55 million.
Suncorp Group Limited is an Australian finance, insurance, and banking corporation based in Brisbane, Queensland, Australia.
Suncorp Group is a leading provider of general insurance, banking, life insurance and wealth management solutions in Australia and New Zealand.