TAL Dai-ichi Life Australia, a fully owned subsidiary of the Dai-ichi Life Group, has announced the completion of its acquisition of Westpac Life, the life insurance arm of Westpac Banking Corporation.
A statement from TAL says all of Westpac’s life insurance business and all existing Westpac Life policies transfer to the TAL Group. It also welcomes 345 Westpac Life employees “…and the valuable knowledge and experience they bring with them.”
The transaction was first announced on 9 August 2021 (see: TAL Buys Westpac’s Life Insurance Business).
The completion also marks the beginning of an exclusive 20-year strategic alliance between the TAL Group and Westpac, under which Westpac’s Australian customers will now be able to access life insurance solutions provided by TAL.
TAL Group CEO and Managing Director, Brett Clark, says the completion of the Westpac Life business acquisition, alongside the strategic alliance with Westpac, “…is another significant step towards TAL’s goal of protecting more Australians in more ways, throughout their lives.”
He says that TAL and Westpac share a strong belief in the role and value of life insurance in the community.
“We are looking forward to working with Westpac through our partnership to provide Westpac customers with access to … life insurance solutions that meet their diverse needs throughout different stages of their lives.”
He adds the group is pleased to be partnering with Westpac and welcoming Westpac Life employees to the TAL team “…as we remain focused on delivering the best possible outcomes for all of our customers, partners and stakeholders.”
Jason Yetton, Chief Executive Westpac’s Specialist Businesses Division, says that life insurance is an important product for many of Westpac’s customers and he is pleased that the company will continue to support them by partnering with TAL.
“We are also pleased that our people joining TAL today can continue to provide the highest standard of customer care going forward.”
I’ve no doubt most advisers reading this have a fairly good ideal of the ‘quality’ of business written over at Westpac Life through the years. As an adviser that dealt with TAL for many years and a policyholder at TAL this ‘acquisition’ concerns me greatly. No doubt some due diligence was conducted by TAL. I can’t imagine where they found value. Maybe the price was low enough to justify it. Still though . . . Westpac Life . . . almost up there with the ‘management’ at AMP . . .
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