Dai-ichi Life confirms purchase of Suncorp’s life arm

September 5 2018 by Andrew Tjaardstra

Tokyo-headquartered Dai-ichi’s A$640 million purchase of Suncorp’s life insurance unit is part of a wider push to expand its overseas empire as it struggles to achieve returns back in its home market.

In a statement Dai-ichi Life said the deal may be closed between December of this year and February 2019. The transaction was originally expected to be valued at A$725 million (US$538.82 million).

Meanwhile the Japanese insurer said it is finalising a 20-year strategic alliance with Suncorp to sell life insurance products via Suncorp Group’s distribution channels.

Brisbane-headquartered Suncorp will keep its banking and general insurance arms.