Dai-ichi Life confirms purchase of Suncorp’s life armSeptember 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.
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