Japan's Dai-Ichi Life to buy Australian unit of Suncorp for $460m

Japan's Dai-Ichi Life to buy Australian unit of Suncorp for $460m

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.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter