POWERED BY MOMENTUM MEDIA
TAL and Suncorp finalise binding legal agreement
TAL Dai-ichi Life Australia’s agreement with Suncorp to acquire the latter’s Australian life insurance business is binding as of today, subject to regulatory approvals in Australia and Japan and other conditions.
The completion of the transaction, which had progressed quickly from the initial announcement of the agreement early this August, was anticipated by the end of this year.
The acquisition would see TAL maintain its Asteron brand, as well as add all of Suncorp’s life insurance offerings, including term life, income protection and funeral insurance, to its current portfolio.
It would also allow TAL to expand its digital footprint, as it included a 20-year strategic alliance agreement for the sale of life insurance products through Suncorp’s distribution network.
TAL Group chief executive and managing director, Brett Clark, was “delighted” to have reached this stage of agreement with Suncorp. He said that planning for the transition and integration of the two businesses would be finalised over the next few months.
Recommended for you
The insurance company has joined this year’s awards as a principal partner.
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.78 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
30.80 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
28.31 3 y p.a(%)
