Japan's Dai-Ichi Life to buy Suncorp Life for $460 mln

TOKYO, Sept 4 (Reuters) - Dai-ichi Life Holdings Inc said on Tuesday it would buy Suncorp Life, an Australian life insurance unit of Suncorp Group Ltd, for A$640 million ($460 million), in the latest overseas expansion for a Japanese insurer grappling with a shrinking domestic market.

Dai-Ichi Life said in a statement it expected to close the deal between December and February 2019. The impact of the acquisition was being examined, it said.

A 20-year strategic alliance is also being finalised with Suncorp to sell life insurance products through Suncorp Group's distribution network, Dai-Ichi Life said.

($1 = 1.3872 Australian dollars) (Reporting by Chang-Ran Kim; Editing by Stephen Coates)

2018-09-04 02:03:12

© 2018 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.