TAL Dai-ichi Life Australia Pty Limited (TAL), a leading Australian life insurance specialist, has today announced that the agreement for TAL to acquire Suncorp’s Australian life insurance business is now binding, subject to regulatory approvals in Australia and Japan and other conditions.
The acquisition brings together two major life insurance businesses and will create a long term relationship with the Suncorp Group including a portfolio of well-established Australian brands: Suncorp, AAMI, APIA and GIO. TAL will also be maintaining the Asteron brand following the sale.
The transaction will also create the platform for expansion of TAL’s distribution footprint, with a 20-year strategic alliance agreement for the sale of life insurance products through Suncorp’s distribution network.
Completion of the transaction is anticipated around the end of 2018.
TAL Group CEO and Managing Director, Brett Clark, said, “We are delighted to have reached this stage of agreement in an important milestone for TAL.
“Both TAL and Suncorp share a strong belief in the value of life insurance in the community and a commitment to high quality solutions for our customers and partners. This acquisition will enable TAL to extend our specialist experience to Suncorp’s existing life insurance customers and partners, while opening up new opportunities for TAL.
“This acquisition will enhance TAL’s scale and capability across the retail, group and direct segments, and opens up important new distribution channels. It provides us with a strong base for continued growth and reflects our ongoing commitment to offering Australians a range of life insurance options to meet their diverse needs.
“Over the next few months we will finalise planning for transition and integration of our businesses.
“We remain committed to continuing to deliver the best possible outcomes for all our existing partners, customers and stakeholders,” he said.
All of Suncorp’s life insurance offerings including Term Life, Income Protection and Funeral Insurance will be added to TAL’s current offerings.