TAL and Suncorp finalise binding legal agreement

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.

Related News:

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.

Recommended for you




Suncorp is only selling the Australian business. Perhaps that says something about Australia's regulations.

Good luck TAL
You do not what you are getting yourself into
Suncorp really puled the wool over your eyes
Suncorp compliance can only be described as incompetent and unprofessional
Tal, you have bought a compliance time bomb
Suncorp gave us the Guardian Advice fiasco and subsequent voluntary undertaking to ASIC and closure of business. The closure of Suncorp Financial Planning in branch network only to resurrect again with inadequate compliance control/ There are alo issues with other parts of business yet to be declared to ASIC. From Suncorps track record so far it looks like you have bought a whole lot of pain and headaches. Good Luck TAL you are going to need it
Look forward to reading on money management about the compliance issues you will have now TAL

Add new comment