Japan’s Daido Life, a subsidiary of T&D Holdings, has acquired a 14.9% stake in Australia’s Integrity Life in a deal valued at A$13m ($9.9m).
At the same time, both the companies have also inked an agreement to engage in cooperative activities such as exchange of personnel.
The deal is part of Daido Life’s strategy to diversify revenue sources and strengthen its presence in Japan by collaborating with offshore partners.
Integrity Life managing director and CEO Chris Powell termed the transaction as a key milestone for the business.
“The growth path from here includes building flexible, tailored personal life insurance which delivers advisers and customers an easier and more transparent experience. We look forward to a long-term mutually-beneficial relationship with Daido Life,” Powell noted.
Daido Life representative director and president Minoru Kudo added: “We admire and share Integrity Life’s values and its commitment to fair outcomes, and look forward to cooperative activities and knowledge transfer, particularly around customer centricity and the use of technology to disrupt established markets.”