New life insurance entrant, Integrity Life, has announced that a specialist Japanese life insurance company has taken a minority stake in the company for $13 million.
Under the deal, Daido Life – which offers life insurance to small and medium sized enterprises – has taken a 14.9 per cent voting equity stake in Integrity Group Holdings Limited, which owns Integrity Life.
As part of the investment, the two insurers have also entered into a Cooperation Agreement which will include exchanges of personnel, systems, products and strategies and is part of a wider plan by Daido Life to diversify revenue sources and increase its presence in Japan by teaming with offshore partners.
“The growth path from here includes building flexible, tailored personal life insurance…”
Commenting on the arrangements, Daido Life Representative Director and President, Minoru Kudo said, “We admire and share Integrity Life’s values and its commitment to fair outcomes, and look forward to cooperative activities and knowledge transfer, particularly around customer-centricity and the use of technology to disrupt established markets.”
Integrity Life Managing Director and Chief Executive, Chris Powell said the arrangements were a key milestone as the insurer continued to build out its product and service offering, which will include a suite of retail products (see: Start-Up Insurer Plans Move Into Retail).
“We’re now well underway, with our solutions well received in Group Risk. The growth path from here includes building flexible, tailored personal life insurance which delivers advisers and customers an easier and more transparent experience,” Powell said.
