TAL Dai-ichi Life Australia Pty Limited (TAL), has today announced the signing of a binding share sale agreement to acquire Westpac’s life insurance business in Australia for a cash consideration of $900 million plus adjusted net worth on completion.
Completion of the transaction is subject to regulatory approvals and other conditions.
The acquisition brings together two major life insurance businesses and will create a long-term relationship through a 20-year exclusive strategic alliance between the Westpac Group and TAL.
Through the exclusive strategic alliance, TAL will extend its expertise and capabilities to provide high-quality life insurance solutions to Westpac’s existing life insurance customers and partners, while also offering life insurance solutions to Westpac’s Australian customers.
TAL Group CEO and Managing Director, Brett Clark, said, “Westpac is Australia’s first bank and oldest company, and we are delighted to be partnering with one of Australia’s largest and most significant companies. Both TAL and Westpac share a strong belief in the value of life insurance in the community. Westpac’s ambition is to “help Australians succeed” and TAL looks forward to supporting Westpac and its customers in meeting that ambition by providing high-quality life insurance outcomes for their customers.
“This acquisition confirms TAL’s and Dai-ichi Life’s strong commitment to the Australian life insurance market and community. The Australian life insurance market is a key component of Dai-ichi Life’s global strategy, and this acquisition will enable TAL to extend our life insurance experience and capabilities to Westpac’s customers now and into the future.
“This acquisition will enhance TAL’s scale and investment capability for the benefit of all of our customers and partners. It will provide us with a strong base for continued growth and reflects our ongoing commitment to offering Australians a range of life insurance options and services to meet their diverse needs. In addition, this transaction will provide exciting opportunities for our people and, on completion, we also look forward to welcoming the Westpac Life team to TAL.
“We look forward to building a successful partnership with Westpac and remain committed to continuing to deliver the best possible outcomes for all our existing partners, customers and stakeholders. We look forward to partnering with Westpac to help more Westpac customers with their life insurance needs,” Mr Clark said.