April 15 (Reuters) - Freedom Insurance Group Ltd FIG.AX :
* REACHED AN AGREEMENT IN PRINCIPLE TO TRANSFER ITS POLICY ADMINISTRATION BUSINESS TO A THIRD PARTY
* FREEDOM INTENDS TO EXIT SPECTRUM WEALTH MANAGEMENT, POST COMPLETION OF TRANSFER OF ITS ADMINISTRATION BUSINESS
* POST ALLOWANCE FOR CUSTOMER REMEDIATION, FREEDOM EXPECTS TO RECEIVE PAYMENT OF ABOUT $5MLN
* AFTER EXIT OF SPECTRUM WEALTH MANAGEMENT, FREEDOM WILL HAVE EXITED ALL ITS OPERATING BUSINESSES
* FREEDOM INSURANCE-POST EXIT OF OPERATING BUSINESSES CO TO FINALISE REGULATORY OBLIGATIONS & THEN CONSIDER RETURN OF EXCESS FUNDS TO SHAREHOLDERS