TAL Dai-ichi Life Australia, a subsidiary of Dai-ichi Life Insurance Company, has agreed to buy 100% stake of National Financial Solutions (NFS) Group, for an undisclosed sum.
Through the acquisition of NFS Group, in which TAL Group has nearly 10% stake, Dai-ichi Life Group will be able to enter into the market where customers can look, compare and buy life insurance over the Internet.
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The company said that Australian life insurance market has been rapidly growing, and it offers high growth potential using online life insurance distribution channel.
Started in 2004, the NFS Group has set up itself as one of the top two online life insurance distribution businesses in Australia.
This deal will not only expand TAL’s customer base but also will lead to group-wide synergies as the Dai-ichi Life Group will use by sharing the internet customer processes and sales knowledge within the group.
Following the deal, the company also plans to further develop its overseas life insurance business going forward, pursuing new opportunities.
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