TAL completes acquisition of Westpac Life business

2022 -

TAL Dai-ichi Life Australia Pty Limited (TAL), a fully owned subsidiary of the Dai-ichi Life Group which is one of the world’s leading life insurers, has today announced the completion of its acquisition of Westpac Life, the life insurance arm of Westpac Banking Corporation. The transaction was first announced on 9 August 2021.

All of Westpac’s life insurance business and all existing Westpac Life policies transfer to the TAL Group today. TAL also welcomes 345 Westpac Life employees and the valuable knowledge and experience they bring with them.

Today also marks the beginning of an exclusive 20-year strategic alliance between the TAL Group and Westpac, under which Westpac’s Australian customers will now be able to access high-quality life insurance solutions provided by TAL.

TAL Group CEO and Managing Director, Brett Clark, said, “The completion of the Westpac Life business acquisition, alongside the strategic alliance with Westpac, is another significant step towards TAL’s goal of protecting more Australians in more ways, throughout their lives.”

“TAL and Westpac share a strong belief in the role and value of life insurance in the community. We are looking forward to working with Westpac through our partnership to provide Westpac customers with access to high-quality life insurance solutions that meet their diverse needs throughout different stages of their lives.”

“We are pleased to be partnering with Westpac and welcoming Westpac Life employees to the TAL team as we remain focused on delivering the best possible outcomes for all of our customers, partners and stakeholders.”

Jason Yetton Chief Executive Westpac’s Specialist Businesses Division said, “Life insurance is an important product for many of our customers and I am pleased that we will continue to support them by partnering with TAL, a leading life insurer that already provides life insurance to more than 4.5 million Australians. We are also pleased that our people joining TAL today can continue to provide the highest standard of customer care going forward.”

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2024 © TAL Services Limited a Dai-ichi Life Group Company.

"TAL is Australia's leading life insurer" based on Inforce premiums for risk only life insurance policies, NMG Consulting (2023).

Any financial product advice is general in nature only and does not take into account any person’s objectives, financial situation or needs. Before acting on it, the appropriateness of the advice for any person should be considered, having regard to those factors. Persons deciding whether to acquire or continue to hold life insurance issued by TAL should consider the relevant Product Disclosure Statement (PDS). The Target Market Determination (TMD) for the product (where applicable) is also available. Life insurance issued by TAL Life Limited ABN 70 050 109 450 AFSL 237848.