TAL Dai-ichi Life Australia Pty Limited (TAL), a leading Australian life insurance specialist, has today announced that its acquisition of Suncorp's Australian life insurance business is now complete.
The acquisition represents an important strategic milestone and a significant investment for TAL and Dai-ichi Life Group. It brings together two major life insurance businesses and creates a long term relationship between TAL and Suncorp Group including a portfolio of well-established Australian brands: Suncorp, AAMI, APIA and GIO. The acquisition confirms TAL's and Dai-ichi Life Group's long term strategic commitment to the Australian life insurance market.
To lead the integration and transition of the Suncorp Australian life business, TAL has appointed Andrew Howard to the newly created role of Chief Commercial Officer. In this role, Andrew will be responsible for the performance of the (former) Suncorp Australian life business as well as supporting employees as they transition to TAL. Prior to his role at TAL, Andrew was the Chief Operating Officer and Interim CEO at Rest (Retail Employees Superannuation Trust).
TAL Group CEO and Managing Director, Brett Clark, said, "We are delighted that Andrew has joined the team to manage the integration of Suncorp's Australian life insurance business. Andrew has a strong track record of leading growth and transformation programs, and engaging people through times of change.
"The integration of Suncorp's Australian life business will commence immediately and we are confident that the team will deliver an efficient transition, alongside strong business performance, and customer and partner outcomes during the integration period.
"We are very excited to bring the TAL and Suncorp life businesses together. This acquisition 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," he said.
The transaction will also create the platform for expansion of TAL's distribution footprint, through a 20-year strategic alliance agreement for the sale of life insurance products through Suncorp's distribution network.
All of Suncorp's Australian life insurance offerings including Term Life, Income Protection and Funeral Insurance will be added to TAL's current product offerings.