April 16, 2018 / 11:13 PM / a year ago

Bank Of Queensland sells St Andrew’s Insurance for A$65 Million

(Reuters) - Australia’s Bank of Queensland Ltd (BOQ.AX) on Monday said it will sell St Andrew’s Insurance to Freedom Insurance Group (FIG.AX) for A$65 million ($50.58 million).

The bank in a statement said that the deal will result in an indicative post-tax gain of about A$8 million and added it includes an exclusive three year distribution agreement with Freedom for the provision of life insurance products to its customers.

The bank also posted an 8 percent rise in half-year net profit after tax and declared an interim dividend of 38 cents per ordinary share.

($1 = 1.2850 Australian dollars)

Reporting by Chandini Monnappa in Bengaluru

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