Dai-ichi, Suncorp to swap life insurance unit in $540M deal
August 10, 2018
Life and Health Insurance | Sydney, Australia | Corporate Acquisition
Japan's Dai-ichi Life has agreed to acquire Australian insurer Suncorp's life insurance business for approximately A$725 million (about $540 million). As part of the transaction, Suncorp will enter into a 20-year alliance with Dai-ichi Life's Australian life insurance subsidiary TAL to provide products through its own Australian distribution channels. Shares of Suncorp (ASX: SUN) gained 5% Thursday.