Japanese insurer steps into Australia
Japanese life insurance company Dai-ichi has announced its entrance into the Australian life insurance market through the purchase of GPG's 30% holding in TOWER Australia.
“We are delighted to welcome Dai-ichi Life as a cornerstone shareholder in TOWER Australia. Dai-ichi Life will bring significant additional expertise from their existing life insurance operations in Japan and Asia,” TOWER Australia Chairman Mr Rob Thomas said.
With the purchase comes a mutual agreement to share the leading Japanese insurers strong customer relationships and operating technology.
TOWER Australia Managing Director Mr Jim Minto said: “We believe that the strong position of TOWER Australia will be further strengthened through the Business Co-operation Agreement by the addition of Dai-ichi Life’s expertise in, product development, bancassurance, marketing, underwriting, agency training, information technology and investment management.
“We will both enhance our core capabilities and deliver incremental shareholder value.”
Established in 1902, Dai-ichi Life is Japan's oldest mutual life company. With AUD$349 billion in assets it ranks among the world's top 10 largest life insurers.
© 2008 The Industry Publications Pty Ltd
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