TOKYO (Reuters) - Dai-ichi Life Holdings Inc (8750.T) said on Tuesday it would buy Suncorp Life, an Australian life insurance unit of Suncorp Group Ltd (SUN.AX), for A$640 million ($460 million), in the latest overseas expansion for a Japanese insurer grappling with a shrinking domestic market.
Dai-Ichi Life said in a statement it expected to close the deal between December and February 2019. The impact of the acquisition was being examined, it said.
A 20-year strategic alliance is also being finalised with Suncorp to sell life insurance products through Suncorp Group’s distribution network, Dai-Ichi Life said.
($1 = 1.3872 Australian dollars)
Reporting by Chang-Ran Kim; Editing by Stephen Coates