Japanese insurer takes Integrity Life stake
Yet another Japanese insurer has taken a stake in the Australian life insurance industry – this time Daido Life which has taken a 14.9 per cent holding in Integrity Life.
The transaction was confirmed to the market by Integrity Life today and valued at $13 million.
Daido Life, a subsidiary of T&D Holdings, is described as a leading Japanese SME life insurer which has been seeking to diversify revenue sources and accelerate home-market expansion via learnings from offsore partners.
Confirming the transaction, Daido Life representative director and president, Minoru Kudo said his firm admired and shared Integrity Life’s values.
Integrity Life chief executive and managing director, Chris Powell described the transaction as a key milestone for the insurer.
“We’re now well underway, with our solutions well received in Group Risk,” he said. “The growth path from here includes building flexible, tailored personal life insurance which delivers advisers and customers an easier and more transparent experience.”
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