Page 91 - Suncorp_Metway

Suncorp-Metway Ltd Annual Report 2010/2011

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5.2. Subsidiaries

Acquisitions

The Group did not acquire any material subsidiaries during the current and prior financial years. Disposals

On 7 January 2011, the Group sold its investment in Suncorp Staff Pty Ltd, Suncorp Corporate Services Pty Ltd and the Suncorp-Metway Executive Share Plan Trust to SGL. The loss on disposal of $2 million has been recognised in the common control reserve.

On 15 October 2009, the Group sold its investment in Hooker Corporation Limited and its subsidiaries, resulting in a profit before tax of $50 million.

5.3. Associates and joint venture entities

Acquisitions

The Group did not acquire any interests in joint ventures or associates in the current or prior financial year. Disposals

On 28 February 2010, the Group sold its 50% shares in RACQ Insurance Limited and RAA Insurance Holdings Limited for $280 million and $51 million respectively, resulting in a profit of $165 million.