TAL Dai-ichi Life Australia’s agreement with Suncorp to acquire the latter’s Australian life insurance business is binding as of today, subject to regulatory approvals in Australia and Japan and other conditions.
The completion of the transaction, which had progressed quickly from the initial announcement of the agreement early this August, was anticipated by the end of this year.
The acquisition would see TAL maintain its Asteron brand, as well as add all of Suncorp’s life insurance offerings, including term life, income protection and funeral insurance, to its current portfolio.
It would also allow TAL to expand its digital footprint, as it included a 20-year strategic alliance agreement for the sale of life insurance products through Suncorp’s distribution network.
TAL Group chief executive and managing director, Brett Clark, was “delighted” to have reached this stage of agreement with Suncorp. He said that planning for the transition and integration of the two businesses would be finalised over the next few months.