Dai-ichi Life to Buy Australian Life Insurance Biz

Economy

Tokyo, Aug. 9 (Jiji Press)--Japan's Dai-ichi Life Holdings Inc. <8750> said Thursday that it has reached a basic agreement to buy major Australian insurer Suncorp Group Ltd.'s life insurance business.

Dai-ichi Life hopes to sign a purchase contract by early September through a wholly owned Australian subsidiary and complete the acquisition worth 640 million Australian dollars by year-end.

The Japanese insurer also agreed on sales collaboration with Suncorp Group to expand its Australian business by using the partner's sales network.

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