September 4, 2018 / 12:42 AM / a year ago

Japan's Dai-Ichi Life to buy Suncorp Life for $460 million

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

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