Japan's Dai-ichi Life to buy Westpac's life business for about A$900 million -Nikkei

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FILE PHOTO: An office building with Westpac logo is seen amidst the easing of the coronavirus disease (COVID-19) restrictions in the Central Business District of Sydney, Australia, June 3, 2020. REUTERS/Loren Elliott/File Photo
FILE PHOTO: An office building with Westpac logo is seen amidst the easing of the coronavirus disease (COVID-19) restrictions in the Central Business District of Sydney, Australia, June 3, 2020. REUTERS/Loren Elliott/File Photo

TOKYO (Reuters) - Japan's Dai-ichi Life Holdings will buy Australian banking group Westpac's life insurance business for about A$900 million ($665.5 million), the Nikkei reported on Friday.

Dai-ichi Life is looking to boost its overseas revenue as Japan contends with a declining population. The deal will be completed by the end of the 2022 financial year, the Nikkei reported.

A spokesperson for Dai-ichi Life declined to comment.

($1 = 1.3524 Australian dollars)

(Reporting by Takashi Umekawa; Editing by David Goodman)

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