TAL Buys Westpac’s Life Insurance Business


TAL has announced it will acquire Westpac’s Australian life insurance arm in a deal that will deliver an exclusive 20-year strategic alliance between the two organisations.

A release from TAL confirms the insurer signed a binding share sale agreement to acquire the business for $900 million plus adjusted net worth on completion.

TAL says the 20-year strategic alliance that is a part of the arrangement 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.

Brett Clark …the acquisition confirms Dai-ichi Life’s strong commitment to the Australian life insurance market

TAL Group CEO and Managing Director, Brett Clark, noted this acquisition confirms TAL’s and owner, 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.

The announcement of this arrangement brings to an end the majority ownership of life insurance companies by Australia’s major banks, where most recently, Commonwealth Bank sold its CommInsure life insurance business to AIA Group, while NAB divested majority ownership of its life insurance arm to Nippon Life, and ANZ sold OnePath to Zurich.

Completion of the transaction is subject to regulatory approvals and other conditions.


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