Suncorp has completed the sale of its life insurance business and has announced a special dividend to distribute proceeds of the sale.The sale of the business to TAL Dai-ichi Life Australia was worth A$725 million. After transaction and separation costs, and provisions, the net return is $600 million.Suncorp is returning all that $600 million to shareholders. The first payment, a $100 million special dividend, will be paid in May.The company is seeking shareholder approval for a pro-rata return of capital and share consolidation as the means of distributing the balance.The sale of the life business, which was announced last August, is expected to result in an after-tax non-cash loss of around $880 million.As part of the deal, Suncorp has entered into a 20-year strategic alliance with TAL to offer its insurance products the Suncorp distribution channels.