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BOQ joins banks offloading life insurance

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April 17, 2018

Bank of Queensland has followed some of the big banks in divesting its life insurance business.

The Bank of Queensland has followed the big banks by agreeing to sell its life insurance business to Freedom Insurance Group for $65 million.

The sale of St Andrew's Insurance includes a three-year distribution agreement with Freedom for the provision of life insurance products to BOQ customers, and is expected to result in a post-tax gain on sale of about $8 million in the 2017 financial year.

The sale, which is due to be completed in the second half of 2018, follows similar moves by rival lenders ANZ, the Commonwealth Bank and National Australia Bank to cut their exposure to wealth management.

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