Japan's Dai-ichi Life to buy Westpac's insurance arm in Australia

Deal worth $664m will give Dai-ichi subsidiary TAL one-third market share

After the deal is complete, Dai-Ichi's Australian unit, TAL, already the biggest life insurer in Australia, will control one-third of the market. (Source photos by Kosaku Mimura and Reuters)

Nikkei staff writers

August 6, 2021 18:01 JST

TOKYO -- Dai-ichi Life Holdings is acquiring an insurance arm of Australia's financial services company Westpac Group for about 900 million Australian dollars ($664.8 million), Nikkei has learned.

The Japanese insurer will acquire Australia's sixth biggest insurance company through its Australian subsidiary TAL. The deal is expected to be complete as early as the end of 2022.