TAL and Suncorp finalise binding legal agreement

4 September 2018
| By Hannah |
image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

11 months ago
Kevin Gorman

Super director remuneration ...

11 months 1 week ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

11 months 1 week ago

Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Co...

1 day 18 hours ago

Demand from institutional investors was the main driver of growth in Australia’s responsible investment (RI) market in 2023, as the industry continued to gain momentum....

1 day 18 hours ago

In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges....

1 day 19 hours ago