Aug 7 (Reuters) - Suncorp Group Ltd SUN.AX :
* ANNOUNCES $506 MILLION SHAREHOLDER DISTRIBUTION
* PROPOSED CAPITAL RETURN, EQUATING TO 39 CPS, WILL BE COMBINED WITH RELATED SHARE CONSOLIDATION WHICH WILL BE ACCRETIVE TO EPS
* IF APPROVED, CAPITAL RETURN WILL BE MADE ON 24 OCTOBER 2019
* COMMENCED A 20-YEAR STRATEGIC ALLIANCE WITH TAL OFFERING MARKET-LEADING LIFE INSURANCE SOLUTIONS VIA CO'S AUSTRALIAN DISTRIBUTION CHANNELS
* CAPITAL RETURN WILL BRING TOTAL RETURN TO SHAREHOLDERS FROM SALE OF AUSTRALIAN LIFE INSURANCE BUSINESS TO $610 MILLION
* PROPOSED CAPITAL RETURN, EQUATING TO 39 CPS, TO BE COMBINED WITH RELATED SHARE CONSOLIDATION WHICH WILL BE ACCRETIVE TO EPS
* BASED ON CALCULATION, CONSOLIDATION RATIO IS 0.9710 AND, IF APPROVED BY SHAREHOLDERS, WILL REDUCE NUMBER OF SHARES ON ISSUE BY ABOUT 2.9%