Suncorp Group Ltd. entered into a nonbinding heads of agreement to sell its Australian life insurance business to TAL Dai-ichi Life Australia Pty. Ltd. for about A$725 million.

The proposed transaction is structured as a sale of 100% of the shares in Suncorp Life & Superannuation Ltd., which includes Suncorp's Australian life risk and participating, annuities and unit-linked wealth business but excludes the Australian Wealth Suncorp Portfolio Services Ltd. superannuation business.

The transaction is expected to close by Dec. 31.

More details to follow.